Nov 04, 2021
In the wake of their partnership announcement at COP26, we learn how CIF’s Accelerating Coal Transition (ACT) investment program adds yet more power to the aims of the alliance.
Acknowledged by the Powering Past Coal Alliance (PPCA) as having added considerable momentum to global efforts to accelerate a clean transition, the Climate Investment Funds (CIF) has now joined the alliance.
This powerful new partnership was officially confirmed at a PPCA hosted mainstage event on November 4th at COP26. The event was convened to showcase the progress made by members since the Alliance was launched four years ago. CIF CEO Mafalda Duarte spoke at the announcement where she addressed a critical part of the PPCA’s agenda; the need to continue increasing our climate ambitions, and the financial commitments needed to achieve them, beyond COP26.
Why this is important
To avoid climate catastrophe and to reach net zero by 2050, we must decrease carbon emissions by 45% (from 2010 levels) by 2030. Coal accounted for 39% of global carbon emissions in 2020. To keep the Paris Agreement goals in sight, we need to collectively cut coal-fired power generation by 80% in just nine years.
This new partnership adds further weight to a formidable membership dedicated to meeting this deadline - PPCA includes a diverse array of governments, sub-governments, businesses, and organizations in its ranks. At COP26 the alliance will work with all countries present to secure a commitment; to phase out coal and deliver a just transition to clean energy - a sentiment that echoes Alok Sharma, the COP26 President-Designate, who announced that Glasgow must consign coal to history.
How CIF will serve the alliance
CIF brings impressive experience in driving climate action across 300+ programs in 72 developing countries, actively engaging with the private sector to deliver transformational on-the-ground impact. Raising $60B in co-financing ($19B from private sector), installing 26.6GW in clean power and supporting six million green jobs - this has combined to add $40B in economic value from energy operations in emerging markets.
Particularly pertinent to the goals of the PPCA is the CIF’s G7-endorsed Accelerating Coal Transition (ACT) investment program – a holistic approach to tackling three critical challenges (governance, people, infrastructure) related to transitioning away from coal and supporting client countries in pursuit of climate-resilient goals.
This vast experience will be deployed to specific workstreams such as strategic cooperation e.g., identifying policy gaps in member countries and assisting in developing policy frameworks that accelerate the clean transition. Other areas where CIF know-how can best serve the alliance include knowledge sharing, country specific capacity building and communications outreach to elevate relevant initiatives.
Mafalda’s speech at the PPCA session flags the start of a meaningful relationship aligned around mutual goals. The deepening of inter-agency co-operation as the relationship evolves will be an important factor in achieving net-zero by 2050.
