Climate Investment Funds
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The Climate Investment Funds (CIF) was established in 2008 as a multilateral
These CIF partnerships have made available more than $60 billion from governments and the private sector to finance projects. These include the world's largest solar park, the first geothermal power plant in South America, and investments in Mexico's wind power industry.[3][4][5] CIF supports 10 of the UN's 17 Sustainable Development Goals (SDGs).[1]
CIF investments are overseen by a governing board that provides equal authority to donor and recipient countries with input from official observers representing the private sector, civil society, and indigenous peoples.[6]
CIF consists of two funds, the Clean Technology Fund and the Strategic Climate Fund.
Clean Technology Fund
The World Bank is the Trustee of the CIFs, which works with most major multilateral development banks. In June 2019, the CIF governing board decided to indefinitely postpone the CIF "sunset clause."[7]
Strategic Climate Fund
The Pilot Program for Climate Resilience (PPCR) is the first program under the Strategic Climate Fund. It seeks to explore practical ways to mainstream climate resilience into core development planning and budgeting that is consistent with poverty reduction and sustainable development goals. The PPCR will build on National Adaptation Programme of Action (NAPAs) and other national strategies and work in 11 pilot countries and regions. It is aligned with, and maintains links to, the Adaptation Fund established under the Kyoto Protocol.
The Scaling-Up Renewable Energy Program (SREP) in Low Income Countries, approved in May 2009, is aimed at demonstrating the economic, social and environmental viability of low carbon development pathways in the energy sector by creating new economic opportunities and increasing energy access through the use of renewable energy.[9]
The Forest Investment Program (FIP), approved in May 2009, aims to support developing countries' efforts to
CTF-SCF Joint
The Climate-Smart Urbanization Program is an initiative by the Climate Investment Funds (CIFs) meant to support cities. The City Climate Finance Gap Fund assists cities in implementing infrastructure development projects that are low-carbon, pushing investments for climate and "green" objectives through technical help for early-stage planning and project preparation. The Gap Fund was launched during the 2019 UN Climate Action Conference and began operations in September 2020. It is sponsored by Germany and Luxembourg and implemented by the World Bank and the European Investment Bank.[10]
See also
- Climate finance
- International Renewable Energy Agency
- Investment in renewable energy
References
- ^ a b c "CIF Projects and Sustainable Development Goals" (PDF). Archived (PDF) from the original on 2021-06-19.
- ^ "TARIYE GBADEGESIN APPOINTED CEO OF THE CLIMATE INVESTMENT FUNDS". 29 August 2015.
- ^ "Solar parks transform India's energy landscape". 30 August 2018. Archived from the original on 2020-06-01.
- ^ "New heights for geothermal power". Archived from the original on 2019-11-21.
- ^ "How Cheap Money Can Help Save the Planet". Bloomberg. February 20, 2019.
- ^ "CSIS: Just Transition Initiative". Archived from the original on 2020-06-27.
- ^ "Climate Investment Funds" (PDF).
- ^ Center for Global Development : Publications: Crossroads at Mmamabula: Will the World Bank Choose the Clean Energy Path? - Working Paper 140
- ^ When it Comes to Climate Investment Funds, Diverse Management is Imperative
- ^ Bank, European Investment (2023-02-02). "Climate Action and Environmental Sustainability Overview 2023".
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