Climate Investment Funds (CIF)
The AfDB is serving as an implementing agency of the Climate Investment Funds (CIF). Established in 2008 as one of the largest fast-tracked climate financing instruments in the world, the US $8.3 billion CIF gives developing countries worldwide an urgently needed jump-start toward achieving low-carbon and climate-resilient development.
The CIF provides developing countries with grants, concessional loans, risk mitigation instruments, and equity that leverage significant financing from the private sector, multilateral development banks, (MDBs) and other sources.
As part of the AfDB’s commitment to supporting Africa’s move toward climate-smart development, it is helping to expand access to international climate change financing.
The Climate Investment Funds include four key programs:
- Clean Technology Fund (CTF)
- Forest Investment Program (FIP)
- Pilot Program Climate Resilience (PPCR)
- Scaling Up Renewable Energy Program (SREP)
AfDB-CIF Portfolio. Number of approved projects
A third of CIF's US $8.3 billion goes to Africa. With CIF support, AfDB currently finances 39 investment plans in 27 countries and 1 region to transform their economies through renewables, sustainable transport, climate resilience and sustainable forest solutions. As of December 2018, AfDB has approved 22 projects for $2.5 billion (AfDB $1.8 billion, CIF $0.7 billion).
Resources
- 11/01/2019 - CIF@10 - Celebrating 10 Years of Climate Action
- 10/12/2018 - COP24: From Policy to Action: Integrating Gender into National Climate Actions in Africa
- 24/09/2018 - African Development Bank Supports Ghana’s Renewable Energy Sector with $1.5 Million Grant
- 13/06/2018 - MDB climate finance hit record high of US$ 35.2 billion in 2017
- 08/06/2018 - The African Development Bank and the Climate Investment Funds support their first private sector-led geothermal power plant in Kenya