The National Bank of Cambodia (NBC) has announced a partnership with the International Finance Corporation (IFC) aimed at boosting green finance in the country and supporting its transition towards a greener economy. This move comes as a strategic effort to mitigate the adverse effects of climate change and foster sustainable economic growth.
Cambodia faces significant climate risks, currently ranking 62nd out of 191 countries on the 2022 Inform Risk Index. The nation’s susceptibility to natural disasters like flooding and droughts threatens its development and economy. The World Bank-IFC’s Country Climate and Development Report highlights a pressing need for substantial investment in climate adaptation and mitigation, projecting a requirement of up to $36 billion over the next three decades to meet its ambitious carbon neutrality goals by 2050.
