When the Climate Investment Funds (CIF) were launched in 2008, key renewable energy technologies, approaches to forest restoration, and adaptation solutions were just starting to take off. Working closely with governments and multilateral development banks, CIF set out to demonstrate what was possible—and plant the seeds for transformational change.
CIF’s Annual Report 2022 shows how big an impact those efforts have made. As of December 2022, CIF had approved US$7.5 billion for 407 projects worldwide, which is expected to mobilize $64.3 billion in co-financing: $8.30 per dollar invested.
CIF investments are cutting greenhouse gas emissions, expanding energy access, and building climate resilience, while also contributing to 13 of the 17 Sustainable Development Goals, the report shows: from poverty reduction, to gender equity, to infrastructure, to healthy ecosystems.
“We believed that strategically deployed concessional finance could be transformative, catalyzing much-larger investments including from private sector; now we can show how it works,” CIF CEO Mafalda Duarte notes in the foreword.
The report highlights two ambitious CIF programs launched in 2022—Nature, People, and Climate, and Industry Decarbonization—and tracks progress on CIF’s multi-pronged efforts to transform energy systems, in particular through the Accelerating Coal Transition investment program. It also previews the Climate-Smart Cities program, set to be launched this year.
Inclusion is another key theme of the report, with stories focused on stakeholder engagement, empowering youth, and gender-transformative climate finance. Learning is a key theme as well, with spotlights on a major analysis of the development impacts of CIF investments, the Climate Delivery Initiative, and other CIF-led efforts to build and share knowledge on effective climate interventions.