20 November 2014: The semi-annual Climate Investment Funds (CIF) governing body meetings concluded in a unanimous commitment to the CIF mandate in the future in order to ensure continuity of climate finance and action. The meeting also emphasized the need to maintain diversity of financing options, and complementarity and coherence of CIF with other sources of climate finance.

The meeting of the CIF Trust Fund Committees and Sub-Committees took place from 17-19 November 2014, in Washington D.C., US, and gathered participants representing the 63 CIF pilot countries, donors and observers.

During the meetings, the Pilot Program for Climate Resilience (PPCR) Sub-Committee agreed to: invite the participation of new eligible countries, in particular highly vulnerable and least developed countries (LDCs); and expand the programme’s set-aside facility to incentivize private sector investments in climate resilience and adaptation.

The Scaling Up Renewable Energy in Low income Countries Program (SREP) Sub-Committee: endorsed a US$14 million investment plan for Vanuatu; and recognized the need for 14 countries that joined the programme in June 2014 to accelerate the preparation of investment plans and delivery of results on the ground.

According to the African Development Bank (AfDB), the meeting also expressed support for countries in Africa and elsewhere to develop SREP investment plans and related projects, which it stated would support the June agreement to fund nine African countries to become SREP pilot countries.

The Forest Investment Program (FIP) Sub-Committee: invited new eligible countries to join the programme and its US$50 million ‘Dedicated Grant Mechanism for Indigenous Peoples and Local Communities;’ and agreed to make available unallocated resources to existing FIP pilot countries to complement actions in existing investment plans.

The CIF’s two trust funds, the Clean Technology Fund (CTF) and the Strategic Climate Fund (SCF) each include a Trust Fund Committee. The SCF also designates Sub-Committees to govern each of its targeted programmes, namely the FIP, PPCR and SREP.

The US$7.6 billion CIF, established in 2008, provides developing countries with grants, concessional loans, risk mitigation instruments and equity that leverage financing from the private sector and multilateral development banks (MDBs), among others. Five MDBs implement CIF-funded projects and programmes. [CIF Press Release] [AfDB Press Release] [CIF Press Release 2]