With support from the World Bank and the Clean Technology Fund ($271 million pledged), Turkey is growing its sustainable energy production and energy efficiency. To date, the CTF has resulted in GHG emission savings of 4.0 million tons of CO2 per year, surpassing the government-set target by 25%.
Addressing the closing plenary of the CIF 2012 Partnership Forum in Istanbul, the Turkish Minister of Energy and Natural Resources said, “Partnering with the multilateral development banks through the CIF has contributed to Turkey’s efforts to scale up investments in energy efficiency, renewable energy, and smart grids by empowering its own national private and banking sector."
International Finance Corporation (IFC), a member of the World Bank Group, is investing approximately $143 million in direct financing, and coordinating approximately $264 million in parallel loans to support the construction of two landmark concentrated solar power (CSP) projects in South Africa. IFC also blended $41.5 million in concessional loans through the Clean Technology Fund (CTF) to reduce the impact of elevated solar power tariffs on electricity prices.
Backed by the FIP, Mexico will receive $15 million in financial and technical assistance to support the creation of a dedicated financing line, accessible by communities and ejidos or their members, for identified low carbon projects in forest landscapes in five of the states with the highest levels of net forest loss: Oaxaca, Yucatán, Quintana Roo, Jalisco and Campeche.
“At a time when demand for climate change financing far outstrips supply, we are pleased that a substantial amount of CIF funding has been secured for countries in Asia and the Pacific, a crucial battleground in the global war against climate change,” said Woochong Um, Deputy Director General of Regional and Sustainable Development Department at the Asian Development Bank (ADB).
The US$ 7.2 billion Climate Investment Funds (CIF) wrapped up week-long meetings in Istanbul on November 6 with over US$ 500 million in financing allocated by the Trust Fund Committees and Sub-Committees for building climate resilience and disaster preparedness, REDD+, and clean technologies in developing countries.
Wind energy can make a valuable contribution to tackling climate change and lasting sustainable development. Poorly designed and sited wind farms, though, have been shown to have detrimental effects on bird and bat populations. In the lead-up to the CIF 2012 Partnership Forum, a session has been dedictedto showcase case studies on how to tackle this issue.
Representatives of more than 50 governments, plus civil society organizations, indigenous peoples, the private sector, the multilateral development banks and others will come together in Istanbul, Turkey over nine days of events that will culminate in the 2012 Partnership Forum of the Climate Investment Funds (CIF).
Watch the video to learn more about how the Climate Investment Funds are assisting 48 developing countries in achieving climate-resilient development and reducing their greenhouse gas emissions.
In September 2012, the Governments of Liberia and Tanzania welcomed the CIF and its implementing partners, including the African Development Bank, to begin exploring development of investment plans under the CIF’s Program for Scaling Up Renewable Energy in Low Income Countries (SREP).