The Climate Investment Funds (CIF) will the join the conversation at COP22 in Marrakech, Morocco, riding the wave of the Paris Climate Agreement's entry into force, as the global community turns ambition into action, powered by climate-smart investments.
The CIF will participate in three flagship events on November 14:
10 - 11:30 AM, Salle 2, Africa Pavilion (Blue Zone), No Risk, No Reward, co-organized with the African Development Bank. The session will explore the role of de-risking investment in realizing groundbreaking renewables projects in Morocco and Sub-Saharan Africa.
3 - 4:30 PM, Room Bering (Blue Zone), Harmonizing GHG Accounting Standards to Mobilize Public and Private Finance for Climate Action, which is co-organized with the Government of Senegal, in collaboration with UNFCCC. The event will highlight the opportunities, challenges, and the way forward for harmonizing GHG accounting among International Financial Institutions and beyond.
7 - 8:30 PM, in the IETA Business Hub, Area J (Blue Zone) - Link to Map, Strengthening Climate Finance in a New Era of Transparency, Accountability and Inclusiveness. This is the launch of the Stakeholder Advisory Network (SAN), with speakers including Mary Robinson, President of the Mary Robinson Foundation and Victoria Tauli-Corpuz, Special Rapporteur on the Rights of Indigenous Peoples.
Since 2008, the $8.3 billion CIF has been addressing the climate challenge head-on, by:
- Investing in the scale up of low carbon technologies with significant potential for long-term greenhouse gas emissions savings in developing and emerging economies;
- Moving countries’ efforts on climate resilience to a more strategic, programmatic approach, in the wake of increased climate-related events that underscore the scale of the challenge;
- Accelerating the shift to renewable energy sources such as geothermal and solar, especially in countries where far too many people are still without access to energy; and
- Empowering countries to strive for the triple win of being good for forests, good for development and good for the climate in sustainable forest management.
In, Africa, which is in focus at COP22, the CIF has been by far the largest source of multilateral climate finance, providing more than $2.7 billion – one-third of total $8.3 billion pledged – in grants and low-cost loans for climate resilience, forestry, and clean energy investments to 21 countries, including in MENA.
WATCH Noor, concentrated solar power complex - so big you can see it from space.
With CIF support, partner countries backed by multilateral development banks (MDBs) have started to achieve transformation toward lower carbon, more resilient economics – ranging from resilient roads in Mozambique to scaled-up wind energy parks in South Africa and a geothermal energy sector in Kenya.
The CIF can continue to play a crucial role in closing the financing gap for resilience, forestry, and clean energy investment across Africa by leveraging its strengths – inclusive programmatic approach, high mobilization and the expertise of its partnership with MDBs.