On December 12, the British newspaper ‘The Times’ published an article about the Climate Investment Funds’ Strategic Climate Fund (SCF) which contained a number of erroneous claims.
In January 2016, an inquiry was made by a reporter of the Times to the CIF Secretariat, but unfortunately none of the information provided about results and funding allocations by the SCF was reflected in the article.
The CIF Secretariat would like to provide the following clarifications:
Three programs are operated under the SCF, which is an umbrella trust fund of the Climate Investment Funds:
- The Pilot Program for Climate Resilience- supporting adaptation and resilience in the world’s poorest countries
- The Scaling up Renewable Energy Program for Low-income countries (SREP) –providing access to clean energy in developing countries
- Forest Investment Program – supporting forests and landscapes
The SCF is subject to regular robust monitoring and biannual reviews to make sure it is delivering results helping developing countries to tackle the global threat of climate change. All results and operational reports are available online and are actively disseminated among stakeholders.
The Climate Investment Fund is a multi-donor fund and partnership which is supported by 14 donors, and the CIF publishes information about the fund as a whole on this website. Every funding allocation can be reviewed through dedicated web pages.
- Total CIF pledges of $8.3 billion are expected to attract an additional $58 billion of co-financing for a portfolio of over 300 projects and counting. The CIF supports 72 developing countries.
- The World Bank Group and Regional Development Banks (African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development and Inter-American Development Bank) manage procurement for partners that deliver the projects approved by the steering committees for the above programs. The CIF Secretariat is housed at the World Bank.
- Donors sit on all trust fund committees of the CIF, which meet twice a year and approve all investment plans and project proposals. Donors therefore have oversight of all CIFs’ investments, including information on all the investments held and managed by the CIFs.
The CIF strongly supports the initiative on aid transparency, thus, it is reporting to the OECD’s DCD-DAC statistics on aid (OECD.stats) and Credit Reporting System(CRS) including the OECD Forward Spending Plans. In addition, since 2013, CIF regularly publishes funding commitments and relevant project information inside the International Aid Transparency Initiative (IATI) website which can be easily accessed at https://www.iatiregistry.org/publisher/cif.
In recent years, the CIF has received praise for its transparency and accountability. In 2014, Transparency International, an observer to the CIF trust fund committees concluded that “(…) overall, the Climate Investment Funds aspire to as well as exhibit a number of best practices regarding transparency. From the outset, it has underlined the importance of transparency throughout the Fund’s operations and has tried to give life to this through its policy documents”.
In terms of results, the CIF’s SCF is already supporting improved energy access for millions, and will reach more than 17 million people in low-income countries in Africa, Asia and the Pacific.
- The investments of the Forest Investment Program are expected to lead to improved management and protection of 27 million hectares of forests and landscapes.
- The climate adaptation and resilience program (PPCR) reached 2.8 million beneficiaries by the end of 2015. These numbers are expected to swell to 30 million people once all programs and projects are implemented across the full 29 countries.
- The Clean Technology Fund – CTF – reported 169,000 passengers per day now using low carbon transport, in Mexico and Colombia. And Global GHG reductions equivalent to taking 1.4 million cars off the road. Over the lifetime of its endorsed investments CTF is expected to deliver emission reductions totaling 1.5 billion tons of CO2 emissions.