In the face of intensifying climate change impacts, developing countries urgently need financial resources to turn the tide of a warming planet and reap the rewards of a new climate economy. This represents one of the greatest development challenges of our time, but is equally a historic opportunity to transition to a resilient, low-carbon global system that supports people, planet, and prosperity. All countries have a stake in a better climate future.
We believe strongly in the role of multilateral climate finance instruments such as the Climate Investment Funds (CIF) in helping bridge the funding gap that stands in the way of scaled and rapid climate action in developing nations. By investing in climate first-movers and clearing the ground for robust partnerships and significant investments from the public and private sectors, CIF occupies an essential role in the global climate finance architecture and has a mission complementary with peer institutions.
CIF has amply proven its effectiveness in de-risking innovation with sound and transparent oversight, long enjoyed strong demand from developing countries, and earned the trust of donors, multilateral development banks, the private sector, civil society, and local communities as a partner for transformational change.
As CIF breaks ground on new programs at the cutting edge of climate action, we welcome the support and leadership of all those who make CIF’s work possible.
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UK Energy Minister and International COP26 Champion on Adaptation and Resilience, Anne-Marie Trevelyan, said: “The G7 has an important duty to support developing nations in tackling climate change, many of whom are the most affected by the catastrophic impacts of global warming and biodiversity loss. Today’s G7 commitment to spend $2bn of Climate Investments Funds on accelerating clean energy transition in developing countries is a significant step ahead of COP26 in Glasgow towards delivering a global net zero economy.”
Andy Baukol, Acting Under Secretary of International Affairs at the U.S. Department of the Treasury, said: “We see a significant need for targeted action to support the transition of fossil fuel dependent economies to the clean energy technologies of the future. The Climate Investment Funds’ new Accelerating Coal Transition Investment Program fills an important gap in the climate finance architecture that will provide incentives for partner governments to make these critical economic adjustments.”
Leslie MacLean, Deputy Minister of International Development, Global Affairs Canada, said: “The Climate Investment Funds has shown that effective climate finance is scaled, partnership-driven, and cutting-edge. For an ailing planet we need remedies that work. CIF has not only worked — it has excelled.”
Dr. Jürgen Zattler, Director General International Development Policy 2030 Agenda, Climate German Federal Ministry for Economic Cooperation and Development said: “The Climate Investment Funds have proven to be an important facilitator to make transformational and structural change possible. Germany has been a donor for the CIFs since the beginning. We are committed to further supporting the transformational ambitions in developing countries and emerging economies through the CIFs also in moving away from coal. In order to support transitioning away from coal it is essential that countries develop realistic exit plans and a just and sustainable strategy that crucially include enabling regulatory systems and fiscal policies, socioeconomic aspects of transition and the role of renewable energies.”
Media contact
Scott Vincent Andrews
E: sandrews3@worldbank.org
