November 1 (SeeNews) - The International Finance Corporation (IFC) said on Friday it estimates up to $1.0 trillion (741 billion euro) of climate-related investment potential in Emerging Europe, Central Asia and the Middle East and North Africa (EMENA) until 2020.
The investment potential in renewable energy, resource efficiency and climate change adaptation estimated in a research on the investment potential in the region, conducted by IFC in cooperation with management consultancy A.T. Kearney and sustainable energy specialist Eco Ltd and covering 49 countries, factors in reductions in energy-related subsidies and public incentive schemes, the IFC said in a statement.
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The research sees a conservative investment potential of $640 billion until 2020 in the region.
Russia, Turkey, Ukraine and Pakistan have the largest investment potential, according to the research. Meanwhile, Balkan governments including Serbia, Albania and Bosnia and Herzegovina have adopted regulatory frameworks favourable to the development of renewable energy with the help of the IFC, it said.
The study estimates Turkey’s climate-smart business investment potential at over $89 billion. In the sectors considered by the experts, investment in energy generation accounts for almost $42 billion, with over half of this ($22 billion) in renewables. Industrial and consumer energy efficiency are estimated at over $4.5 billion and $30 billion, respectively.
($ = 0.741 euro)