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sustainable forestry

Race Against Climate Change is a Marathon

Patricia Bliss-Guest's picture

 AfDB

Looking back at 2013, the Climate Investment Funds’ (CIF) fifth year, I am encouraged by the amount of ground we have covered. Not only are we beginning to see more tangible results of CIF investments, we are also venturing into new territory both geographic and financial. New contributions of $400 million received in 2013 make us the largest source of climate finance with pledges of $8 billion, demonstrating the confidence donors have in our mission and multilateral development bank (MDB) partnership to deliver on the promise of transformative, climate-smart development.

The CIF was created to trigger investments for immediate climate action and to facilitate learning on the technologies and methods needed to promote clean technology, renewable energy, sustainable management of forests, and climate-resilient development. The clock is ticking in the race against climate change, and we are on the move.

In Mexico, for example, $45 million from the Clean Technology Fund (CTF) has leveraged over $500 million of commercial resources to help catalyze the commercialization of Oaxaca’s wind industry. In Turkey, $149.5 million in CTF financing has attracted $1.38 billion from other sources to expand national bank lending to renewable energy and energy efficiency markets to stimulate their growth. And in Morocco, $197 million in CTF financing has played a pivotal role in launching the first phase of the 500MW Ouarzazate concentrated solar power complex by raising awareness and attracting over $1 billion in additional financing.