The Industrial and Infrastructure Development Finance Co. Limited (IIDFC) as a member of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) partnered with the World Bank CDCF in 2009 to further engage with Carbon Finance.
This project has replaced energy inefficient processes and helped to modernize the brick industry, which accounts for an estimated 1% of Bangladesh’s GDP. The bricks are 55% more energy efficient, which allows to reduce the use of coal-burning, and reduce GHG emissions. Likewise, by producing approximately 90 million high quality bricks annually, the project minimizes wastage and reduces the need for steel and cement during construction.
The project also has a social angle. Approximately 600 permanent jobs have been created, whilst ensuring a safe working environment, proper sanitation, dining facilities, and others.
Since then, IIDFC has been continuing this initiative by reducing around 30,000 tons of CO2 annually. IIDFC has received total USD 2,646,609.40 as carbon revenue from World Bank and the Government of Denmark (USD 1,500,849.40) and from ADB (USD 1,145,760.00) in exchange of total 268,231t CO2 units
PRESENTATION OF THE ORGANIZATION
Industrial and Infrastructure Development Finance Company (IIDFC) Limited is a leading Non-Bank Financial Institution (NBFI), promoted by wide array of Banks/financial institutions like ten commercial banks, from both public sector and private sector, three insurance companies and Investment Corporation of Bangladesh (ICB).
ADFIAP is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to advance sustainable development through its members. Founded in 1976, ADFIAP has currently 90 member-institutions in 38 countries.