Jun 25, 2020
Because the world’s recovery from the economic collapse triggered by COVID-19 must place a de-carbonized society center-stage.
The Climate Investment Funds Technical Assistance Facility for Clean Energy Investment (CIF-TAF) has approved five projects totaling $2.51 million with the objective of expanding clean energy to key global markets.
Launched with funding from Denmark in 2019, the CIF-TAF supports countries in pursuit of their energy transition targets.
The projects set out to develop green buildings including a cool roof pilot, with the goal of fostering a new market in Bangladesh; support grid reforms to effectively manage renewable energy integration in Kazakhstan; inaugurate the offshore floating solar market in Maldives; shape the design of next generation digital utilities in Thailand; as well as strengthen energy efficiency and distributed generation in Brazil and Mexico.
The scope of activities covered under these proposals include developing policies and regulations, building institutional and individual capacities, while offering implementation guidance and designing new approaches. Each activity aims to help provide the elements needed for a clean energy driven economic recovery through enhanced private sector participation.
“We are pleased to see the CIF-TAF reach this important milestone. We believe a global partnership of multilateral support is important in delivering on the mobilization of clean energy investments needed to address the global challenge of climate change,” said Hanne Jersild, Chief Advisor for Denmark’s Ministry of Climate, Energy and Utilities.
As the first ever set of approvals under the CIF-TAF, this represents a breakthrough to bolster policy and regulatory frameworks, enhance stakeholder capacities, and pioneer new business models.
“At CIF, we have a proven track record of pushing the boundaries on both- downstream large-scale investments and supporting the establishment of enabling environments,” said Mafalda Duarte, Head of CIF.
“Now we are able to take it to the next level via the TAF platform, we are confident that this assistance will help Bangladesh, Kazakhstan, Maldives, Mexico and Brazil with their COVID-19 recovery given the ultimate goal of making policy reforms to enable private sector investments,” added Duarte.
The initiatives will be implemented in partnership with the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the Inter-American Development Bank (IADB), and the World Bank (WBG).
