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IFC Carbon Neutrality Committment Factsheet

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IFC Carbon Neutrality Committment Factsheet Carbon Neutral Commitment for IFC’s Own Operations IFC, along with the World Bank, are committed to making our internal business operations carbon neutral by: IFC’s Carbon Neutrality 1. Calculating greenhouse gas (GHG) emissions from our operations Commitment is an integral 2. Reducing carbon emissions through both familiar and innovative conservation measures part of IFC's corporate 3. Purchasing carbon offsets to balance our remaining internal carbon footprint after our reduction efforts response to climate change. IFC’s carbon neutrality commitment encourages continual improvement towards more efficient business operations that help mitigate climate change. It is also consistent with IFC’s strategy of guiding our investment work to address climate change and ensure environmental and social sustainability of projects that IFC finances. This factsheet focuses on the carbon footprint of our internal operations rather than the footprint of IFC’s portfolio. IFC uses the ‘operational control approach’ for setting its CALCULATING OUR GHG EMISSIONS organizational boundaries for its GHG inventory. Emissions are included from all locations for which IFC has direct control over IFC has calculated the annual GHG emissions for its internal business operations, and where it can influence decisions that impact GHG operations for headquarters in Washington, D.C. since 2006, and for emissions. IFC’s global operations since 2008 including global business travel. IFC’s annual GHG inventory includes the following sources of The methodology IFC formally used is based on the Greenhouse Gas GHG emissions from IFC’s leased and owned facilities and air Protocol Initiative (GHG Protocol), an internationally recognized GHG travel: accounting and reporting standard. For FY19, IFC implemented a new, • Scope 1 Direct Emissions: stationary fuel, refrigerants, fuel more accurate business travel emissions calculation method called used for IFC owned vehicles ICAO calculator. • Scope 2 Indirect Emissions: electricity used, purchased steam and chilled water for heating/cooling Since FY09, IFC has managed and collected its GHG inventory using an online data management system. The system has • Scope 3 Optional Emissions: air travel purchased by IFC and been customized in accordance with the World Bank Group fuel used for taxis and rental cars (WBG)’s Greenhouse Gas Emissions Inventory Management Plan (IMP). WBG’s IMP provides organization-wide information, In FY19, the latest year for which data is available, carbon including a corporate overview and goals, boundary conditions emissions from our global business operations totaled 41,571 of the inventory, emissions quantification methods, data metric tons of carbon-dioxide equivalent—of which business travel management methods, base year selection discussion, list of accounted for 75 percent. Office electricity consumption accounted management tools, and auditing and verification processes. for an additional 22 percent— more than half of which was attributable to IFC headquarters. Over the past three years, IFC’s carbon The World Bank Group greenhouse gas emissions IMP (version emissions per full-time employee has declined by 4.7 percent to the 2019) can be downloaded at: http://documents.worldbank.org equivalent of 8.53 metric tons of carbon dioxide per full-time employee. CARBON EMISSIONS (CO2e) PER FULL-TIME FY19 CARBON EMISSIONS BY SOURCE EMPLOYEE: 3 YEAR TREND 9.00 8.90 8.80 8.70 8.60 8.95 8.50 8.40 8.58 8.53 8.30 FY17 (43,672 FY18 (43,025 FY19 (41,571 CO2e) CO2e) CO2e) FY17-FY19 GHG emissions from IFC’s global internal business operations measured in metric tons of carbon dioxide equivalent management on all devices globally, further reducing electricity. REDUCING OUR GHG EMISSIONS Renewable Energy: IFC’s headquarters in Washington, D.C. has been 100% green Carbon Targets: power operated since 2003, through the purchase of Renewable In 2018, IFC adopted its first ever global corporate carbon Energy Credits. IFC, as part of the World Bank Group, is a emissions reduction target in line with climate science. This was partner member of the United States Environmental Protection announced together with the World Bank Group-wide climate- Agency (EPA) Green Power Partnership. related commitments at COP24. IFC’s carbon target is to reduce its facility-related carbon emissions (Scope 1 and 2) by 20% between 2016 and 2026. This target is IFC’s contribution PURCHASING CARBON OFFSETS to the WBG’s commitment to reduce facility-related emissions by an average of 28% over the same timeframe. To offset our annual GHG emissions, IFC purchases a combination of Voluntary and Certified Emissions Reductions The previous 8-year trend (FY08-FY15) of emissions reductions (VERs and CERs) in accordance with guidelines developed by from electricity use conclude that IFC will meet the 20% IFC to ensure alignment with our business priorities and carbon emissions reduction target when tracking percentage change offset market trends. year over year. Calculated emissions reductions (from Scope 1 and 2) are down 21% from FY16 to FY19, however, this is due Offset project types considered include renewable energy, to three offices which account for most of the reduction from energy efficiency, waste management and forestry and Ozone FY18 to FY19 because of fluctuations in their data availability. Depleting Substance destruction. IFC chooses credits from While IFC is on track to meet our target; the trend thus far is projects in emerging markets, preferably in low and lower-middle skewed and not indicative of emissions reductions over the income countries. Carbon credits are typically purchased from a current 10-year target period. portfolio of projects. Sustainable Facilities: Examples of offset purchases include wind power and small Energy-saving projects have included installing variable hydropower in India, clean cookstoves in Uganda, household frequency drives on cooling towers; installing lighting biodigester energy in Cambodia, and clean stoves and water occupancy sensors; raising chilled-water set point, adjusting treatment in Rwanda. IFC chooses projects that bring tangible building-wide heating and cooling set points, and shortening development benefits to the communities in which they take operational hours of heating, cooling, and lighting central place. control systems for the entire building. Nearly 60% of IFC’s real estate footprint (by square foot, whether leased or owned) is For more information please see: LEED certified or equivalent; HQ is LEED Platinum and • Annex 1: WBG’s Guidelines for Carbon Offset Purchase EnergyStar certified for existing buildings. In FY19, 70 solar • Annex 2: IFC’s Carbon Offset Purchases to-date panels were added to the rooftop of 2121 Penn Ave to provide renewable power to 2100 K building and reduced energy costs AUDITING OUR GHG EMISSIONS INVENTORY by 2%. IFC annually conducts an independent third-party audit of its Corporate travel: GHG inventory and relevant FY data as part of IFC’s Annual In FY19, Business air travel accounted for 75% of IFC’s annual Report audit. In addition, the World Bank Group will periodically GHG emissions from internal business operations. To help hire a third-party reviewer of the Inventory Management Plan reduce the emissions from staff travel, IFC has invested in and the corporate GHG inventory. For example, the GHG several technological solutions that allow us to carry out the vital inventory and IMP were externally audited for FY09, FY11, functions of our business while avoiding the environmental FY13, and FY16. The FY20 audit is scheduled for spring 2021. impact of travel. These include investing in high-definition tele- presence videoconferencing centers; supporting point-to-point This information can be found in the WBG GHG Inventory desktop video conferencing; holding virtual meetings using Management Plan http://documents.worldbank.org online platforms, making staff trainings available online; and supporting remote and flexible work arrangements. VOLUNTARY REPORTING OUR GHG EMISSIONS IT Initiatives: In 2009, IFC, as part of the World Bank Group, was the first of IFC purchases office equipment (copiers, printers, etc.) that is UN agencies and multilateral development banks to report its EnergyStar certified for energy efficiency. IFC’s managed print greenhouse gas emissions in the Carbon Disclosure Project, the service program eliminated 87% of print devices (over 1000 world’s largest database of primary corporate information on devices) and yields annual energy savings. IFC supports power climate change. IFC continues to report its GHG emissions inventory in IFC’s Annual Corporate Report, available at www.ifc.org. IFC also reports its GHG emissions inventory as part of the Sustainable UN Initiative, Greening the Blue. Annex 1: World Bank Group (WBG) Guidelines for Selection of Emission Reduction Offsets Guidelines are reviewed annually to ensure alignment with WBG business priorities and emission reduction offset market trends • Renewable energy (e.g. wind, solar, hydro, biomass) • Energy efficiency (e.g. fuel switching, single-to-combine cycle, cookstoves, etc.) Project Types • Forestry and agriculture (land-based carbon sequestration) with community development impact • Solid Waste Management with community development impact • Ozone Depleting Substance destruction Project Locations Credits must come from IDA Borrowing Countries No priority order • Certified Emissions Reductions (CERs), Emissions Reduction Units (ERUs) – with additional environmental
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