Bogota, Colombia, April 27, 2010—IFC,
a member of the World Bank Group, today released a study that lays out
a comprehensive framework for assessing the risks of climate change on
port operations and options for adapting to the risks.
Climate Risk and Business: Ports analyzes the climate-related risks
and opportunities facing IFC client Terminal Maritimo Muelles el Bosque,
a port in Cartagena, Colombia, and provides a quantitative assessment of
the impact of climate change and potential responses for adapting. The
methodology can be used to assess climate vulnerabilities and adaptation
options of other ports in the country and elsewhere in the world.
The study comes amid a state of emergency in Colombia as heavy rains continue
to cause flooding and landslides across swathes of the country. The rains,
which, have been attributed to the "La Niña" weather phenomenon,
a South American counterpart to "El Niño," have caused hundreds
of deaths, displaced thousands, and could potentially impact the country’s
“This study will have an important impact on future climate change studies
in Colombia, because it is one of the first to analyze how businesses and
commerce will be affected by the changing environment in our country,”
said Gabriel Echavarria, President of Muelles el Bosque. “The study
has helped us develop our long-term strategic planning and investment priorities,
and we hope its discipline and content will serve as a model and guide
for future efforts in our region.”
The study is part of IFC’s Climate Risk Program, a series of studies started
in 2008 that analyze climate risks to various sectors and projects located
in different countries, while offering practical approaches to assess the
relevant impacts and adaptation options. The studies aim to help clients
understand and respond to the risks of climate change.
“Although ports and other infrastructure are vital for a country’s economic
growth and development, until now there has been very little analysis on
how they are affected by climate change,” said Rachel Kyte, IFC Vice President
for Business Advisory Services. “By helping our clients better understand
the risks and challenges, IFC is helping guide how the private sector can
best adapt to climate change.”
Tackling climate change in developing countries is a strategic priority
for IFC. IFC plans to double its climate-related investments and
Advisory Services to at least 20 percent of its overall commitments and
activities within two years.
To view the report Climate Risk and Business: Ports, go to: http://www.ifc.org/ifcext/sustainability.nsf/Content/Publications_Report_ClimateRiskandBusiness-Ports.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion
in fiscal 2010. For more information, visit www.ifc.org.