Nov 07, 2022
COP27 takes place in Sharm el-Sheikh, Egypt, from 6 to 18 November 2022. This offers an important opportunity for the Climate Investment Funds (CIF) to connect with partners and further advocate for delivery of climate finance commitments.
The COP27 Presidency goals and visions span four key focus areas for this year’s Conference, which takes place on the African continent where – as elsewhere in the developing world – the impacts of climate change are making themselves more urgently felt. For over a decade, CIF has been working in each of these focus areas.
CIF is excited to attend and showcase progress made since COP26 investing in helping low- and middle- income countries adapt and build resilience to climate change.
Mobilizing affordable and timely financing for climate projects
Climate finance is one of the critical themes of COP27. Adequate and predictable finance is key to achieving the goals of the Paris Agreement and transforming the global economy into one that is cleaner, more sustainable, and serves the needs of developed and developing countries alike.
With resources of over $11 billion, CIF represents one of the most ambitious efforts globally to unlock investments. CIF has continued to work with contributor countries and implementing partners garnering funds to mobilize projects on ground for low- and middle-income countries.
Mitigating drivers of climate change in the developing world
In countries where fossil fuels continue to dominate, securing transformation towards a low-carbon future means fast-tracking investments that help reduce energy consumption, while promoting
development of renewable energy. Launched last year and with the first set of participating countries announced at COP26, the Accelerating Coal Transition Program is poised to deliver. Over the last year the CIF team has supported participating countries in preparing their investment plans. Our governing board recently endorsed $1 billion to finance the new investment plans aimed at ensuring a just transition from coal to clean power in South Africa and Indonesia.
Helping countries and communities adapt to impacts of climate change
The Global Goal on Adaptation was one of the significant outcomes of COP26. The strong demand for CIF investments and technical assistance from countries around the developing world demonstrates the need for finance to support adaptation and resilience.
Launched this June, during the United Nations’ Stockholm+50 international meeting, CIF’s Nature, People, and Climate Investment Program will pilot and scale nature-based solutions in developing countries. It aims to promote and protect natural environments by investing in sustainable agriculture and food supply, healthy forests, and resilient coastal systems and mobilize finance to empower Indigenous peoples and local communities to lead climate action. A third of the world’s developing countries spanning six continents, have formally applied for funding from this Program, demonstrating the urgent need for such investments.
As backed by Dr. Jane Goodall, “the world is in great need of nature-based solutions that place Indigenous Peoples and local communities at their center…CIF recognizes the interdependency between land use, climate change, and people, and are championing this cause using their proven model through a new investment program, Nature, People and Climate, which has my support."
Collaborating with multiple stakeholders to drive innovation
There is a recognized need for governments, the private sector, youth and civil society to work together to introduce new solutions and innovations that help alleviate the adverse impacts of climate change. CIF works with multiple stakeholders sharing experiences, lessons and knowledge.
Over the last year, the CIF team has been involved in and led many events and workshops that facilitate sharing experiences, lessons and knowledge that drive innovation. Recently, a workshop on engagement in adaptation CIF brought together a diverse group of stakeholders from across Africa, including government, development institutions, and private sector representatives to share examples of accelerating private sector engagement in climate adaptation and resilience. It allowed participants to share their own stories drawing on experience and knowledge so as to adjust and enhance their own climate action agendas.
CIF looks forward to engaging with partners and to share and champion promised investment in climate finance to secure our shared future.
