An online platform that makes it easier for financial institutions to assess the climate impact of their investments has been updated.

IFC, a member of the World Bank, has launched Version 2.1 of the Climate Assessment for Financial Institutions (CAFI) platform, which provides users with new insights through graphics, enhanced climate metrics and improved key performance indicators, helping them estimate the development impact of their climate-related activities.

They can verify whether or not a project meets internationally agreed-upon criteria for climate finance, including adaptation, energy efficiency, green building, renewable energy, transport, water efficiency and more.

Around 120 financial institutions have access to CAFI, with $5.8 billion (£4.5bn) of climate disbursed loans reported through the platform.

The platform has also captured an annual reduction of 12.1 million tons of carbon dioxide equivalent, 26.2GWh of renewable energy generated, 1.1 million square meters of green area built and 1.7 million cubic meters of water saved.

Paulo de Bolle, Global Director of IFC’s Financial Institutions Group said: “Impact investing can grow when investors seek companies that apply best practice impact measurement platforms like CAFI.

“By providing CAFI to market players within the financial services industry, IFC is able to set new standards and educate stakeholders on impact disclosure.”