"Huge private sector investment puts Paris climate target in reach, says report", 2 Nov 2017

The World Bank Group’s subsidiary, the International Finance Corporation (IFC), said [in a report] that... investment [in renewable power, energy efficiency, and public transport around the world] could hold the key to fighting climate change, provided the investment continues and is directed to the right ends...

Philippe Le Houérou, chief executive of the IFC, said: “The private sector holds the key to fighting climate change. We can help unlock more private sector investment, but this also requires government reforms as well as innovative business models, which together will create new markets and attract the necessary investment. This can fulfil the promises of Paris.”

The IFC report, entitled Creating Markets for Climate Business, found that governments could work with businesses by fostering renewable energy as an alternative to fossil fuels...However, in many countries, developed and developing, fossil fuel companies have the incumbent advantage, and in some cases policies have been developed to suit them… 

Christian Aid, the development charity, called on the World Bank Group to stop lending to fossil fuel projects. Funding by the group’s members for fossil fuel projects has increased to $4.7bn in 2016, according to the charity...