The Climate Investment Funds (CIF) has received approximately US$765 million in funding for all four CIF programmes, bringing total CIF contributions to approximately US$8.3 billion.
The additional financing will enable the CIF to expand into more countries and bridge a financing gap faced by some of its programmes.
8 December 2014: The Climate Investment Funds (CIF) has received approximately US$765 million in funding for its four programmes, bringing total CIF contributions to approximately US$8.3 billion. The additional financing will enable the CIF to expand into more countries and bridge a financing gap faced by some of its programmes.
At its November 2014 meeting, the CIF Trust Fund Committee decided that the CIF would continue to: operate alongside the Green Climate Fund (GCF); work to trigger investments at scale for immediate climate action in 63 middle income and developing countries; and facilitate learning on technologies and methods for mitigation and adaptation.
In a blog post, CIF Program Manager Mafalda Duarte explains that the CIF Committee agreed on principles to guide discussions on future CIF operations within the context of the international climate finance architecture, including the GCF. Participants highlighted the need to support continued climate finance flows and maintain a diversity of financing options while ensuring complementarity and coherence among different financing instruments.
Duarte observes that results on the ground prove that the CIF is mobilizing investments for clean technology, renewable energy, sustainable forest management (SFM), and forest and climate-resilient development. The Clean Technology Fund (CTF) has $3.9 billion approved to implement 70 projects and is expected to leverage $44 billion in co-financing. The Scaling Up Renewable Energy in Low-Income Countries Program (SREP) has US$155 million approved to implement 14 projects, which is expected to leverage US$1.1 billion in co-financing.
The Pilot Program for Climate Resilience (PPCR), currently the largest active adaptation fund in the world, has US$791 million approved for 46 projects, which is expected to leverage co-financing of US$1.6 billion. The Forest Investment Program (FIP) has US$267 million approved for 16 projects, which is expected to leverage US$741 million in co-financing. The FIP also includes the US$50 million Dedicated Grant Mechanism for Indigenous Peoples and Local Communities (DGM) which is implemented through the World Bank. [CIF Blog Post]