We, the signatories of this joint statement, submit the following position in support of the Climate Investment Funds (CIF) and strongly urge that it be adequately resourced to assist our governments in delivering on our sustainable development ambitions and nationally determined contributions.
The latest IPCC report has provided the most recent, and sobering, analysis demonstrating that the climate consequences of a 2°C world are far greater than that of 1.5°C, and that we are not on track for either. Even with the full implementation of the current pledges made under the Paris Agreement, the world is still on course to reach a temperature rise of 3°C by the end of the century. This climate trajectory disproportionally affects our nations and threatens to make 140 million people internal migrants by 2050 and push more than 100 million people back into poverty by 2030.
Averting these crises requires ensuring that billions of dollars are invested in a resilient and low-carbon future, but current sources of financing fall far short of what is needed.
Positive change is happening however, and thanks to concerted efforts from governments, the private sector, non-governmental organizations, Multilateral Development Banks and multilateral climate funds over the past ten years, climate finance has helped stimulate transformational climate action in our countries. Targeted climate finance has decreased the cost of capital and risks of investment across key sectors, and driven significant investment flows into our clean energy, climate resilience and sustainable forest management sectors.
Critical resources from the Climate Investment Funds, delivered through its unique business model have been instrumental to this effort to drive scaled investment into climate solutions and catalyze transformational change across institutions, markets, sectors and communities.
As of January 2019, three hundred projects in 72 CIF recipient countries are leading to the generation of 26.5 GW of clean energy, 8.5 million people gaining improved access to energy, over 10,000 GWh being saved every year, 36 million ha of forests coming under improved management, and 45 million people will be better equipped to cope with the effects of climate change thanks to the CIF and its partners.
It is our view that we must build on these significant results and maintain CIF’s proven business model as a key component of the climate finance architecture moving forward. We also assert that the architecture must be optimized to harness the comparative advantage of each of the multilateral climate funds, including the Green Climate Fund, to maximize the complementarity and impact of climate finance in our countries.
Echoing similar calls made by the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development in April 2016, April 2017 and October 2017, we strongly urge that the CIF be adequately resourced in light of the vital role it has played, and continues to play, in helping secure the safety and sustained prosperity of our peoples in a climate changing world.