Dec 15, 2020
A new initiative is being launched to capitalise on a “once-in-a-generation opportunity” for countries to recover from a global pandemic by building back cleaner, greener and better with support for developing the right policies, building local capacities and fostering innovation.
The CIF COVID-19 Technical Assistance Response Initiative for Green and Climate Resilient Recovery is being established by the USD$8.3 billion Climate Investment Funds (CIF) and will be funded by over USD$25 million from the governments of the United Kingdom, Netherlands and Switzerland. It will be launched at a virtual event on Tuesday 15 December 2020.
As the first initiative of its kind, it will offer technical assistance and capacity building to support low- and middle-income countries to integrate green, low carbon and climate-resilient policies and investments into their COVID-19 recovery plans.
Through rapid response on the ground and in delivery, the Initiative will aim to ensure increased climate-related ambition and action as part of COVID-19 recovery plans and increased investment mobilization towards green and resilient recovery.
Mafalda Duarte, Head of the CIF, said: “After the 2008 financial crash, many countries made the climate crisis worse by investing heavily in fossil fuels. Our new program aims to ensure that the large stimulus packages agreed to rebuild from COVID-19 go towards a green and climate-resilient recovery. The world must not waste this once-in-a-generation opportunity to build back cleaner, greener and better.”
Lord Callanan, the UK Minister for Climate change, said: “The profound impact of the coronavirus pandemic is felt by all countries, so we need to act swiftly to seize the opportunities that green and resilient growth brings. This initiative will provide practical support to design and implement effective and climate-friendly policies that are compatible with the Paris Agreement.”
Frank van Der Vleuten of the Ministry of Foreign Affairs in the Netherlands said: “Going forward from the COVID-19 crisis, we are counting on the leadership of the multilateral development banks to pursue green and inclusive economic recovery. The new facility will support CIF member countries to best target economic stimulus towards sustainable economic growth, creating millions of extra jobs and reducing emissions while minimizing the impact of climate change.”
Raymund Furrer, Ambassador, Head of Economic Cooperation and Development at the State Secretariat for Economic Affairs (SECO) in Switzerland, said: “Switzerland emphasizes the importance and urgency to support emerging economies, low income and least developed countries to combat the effects of the pandemic by also seizing the opportunity of orienting COVID-19 recovery packages to green and climate resilient pathways. The Swiss State Secretariat for Economic Affairs (SECO) therefore supports the CIF Covid-19 Technical Assistance Response with three million Swiss Francs”.
One country planning to take part in the initiative is Jamaica. Claire Bernard, Deputy Director General for Sustainable Development and Social Planning at the Planning Institute of Jamaica, said: “The COVID 19 pandemic has significantly set back Jamaica’s reform agenda and delayed attainment of critical targets under Vision 2030 Jamaica - National Development Plan. As we and other developing countries recalibrate, we look to the contribution of initiatives such as this one. COVID-19 has laid bare and is forcing us to confront critical gaps in our development framework, we therefore welcome the CIF COVID-19 Technical Assistance Response Initiative and look forward to its role in our forging a more resilient and sustainable path."
The initiative will support countries with a wide range of activities including:
- Assisting governments to prioritize key policy reforms and investment decisions
- Supporting multilateral development banks with identifying and enhancing policy actions, implementation of those actions as part of their lending operations
- Building technical and institutional capacities and analytical work that can support countries in developing their low-carbon and climate-resilient pathways
- Assisting with other operational activities including knowledge sharing
- Advising the private sector to plan for upcoming green investment opportunities
It will focus in particular on initiatives relating to renewable energy, energy efficiency, adaptation and resilience building, and policymaking. Examples of activities could include:
- Ensuring new health facilities are powered by renewable energy
- Offering incentives for green building designs
- Creating jobs and skills development opportunities in the clean energy sector
The CIF COVID-19 Technical Assistance Response Initiative for Green and Climate Resilient Recovery aims to build on a mounting body of evidence that pursuing low-emission and climate-resilient growth is the best way to unlock lasting socio-economic and environmental benefits. For example, the Global Commission on Adaptation found that investment of USD$1.8 trillion in climate adaptation from 2020 to 2030 could bring USD$7.1 trillion worth of benefits. With more than USD$11 billion in stimulus packages already agreed across the world, this is an unprecedented opportunity to create lasting change.
By making technical assistance available, the program will provide further incentive to governments, businesses and citizens to rebuilding in a green and sustainable way.
For more information, or to request interviews, contact mpickles@worldbank.org
