Friday, August 14, 2015

The Climate Investment Fund's Low Carbon Development

With a value of $8.1 billion the Climate Investment Fund (CIF) is the largest fund for climate smart development in the world. The CIF had been a leader in such investments since 2008. There is growing demand for "climate-smart" development capital that helps the world transition to a low carbon economy. In addition to helping those in need the goal is to play a role in keeping global temperatures from increasing more than 2° Celsius.

CIF investments have benefited people in lesser developed countries all around the world. The CIF has invested in a broad range of socioeconomic sectors including clean, distributed renewable energy resources.

CIF supported initiatives are reviewed in the Climate Investment Fund’s 2014 report titled, “Climate Investment Funds: Delivering at Scale, Empowering Transformation.” The CIF has invested $100 million to advance renewable energy in Ghana, Nicaragua, and Haiti. They are also extending forest and climate resilience support to 25 more countries.

As part of their efforts to assist those most in need the CIF has expanded its investment opportunities to 72 countries. The funds will improve clean energy access to 1 million people in Haiti, 400,000 in Nicaragua and across 1,350 schools, 500 health centers and 400 remote communities in Ghana.

These three countries are among an initial group of fourteen that have signed up for the CIF's Scaling Up Renewable Energy Program (SREP). CIF has allocated a total of $796 million for such investments. CIF investments have scaled transformations in the energy, transport, and forestry as well as climate resilient

The expanded CIF opportunities are expected to attract at least $57 billion in co-financing.

While the CIF is doing a great deal they are not able to keep up with the demand. We must see more investment in the less-developed world if we are to avoid the worst effects of a rapidly warming climate.

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