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climate investment funds

Drum roll…Presenting the world’s largest concentrated solar power plant!

Mafalda Duarte's picture

Also available in: العربية

Noor concentrated solar power plant is expected to supply 1.1 million of Moroccans with 500 MW of power by 2018. Photo: World Bank


Concentrated Solar Power is the greatest energy technology you have probably never heard of.  While it may not be as widely known as other renewable energy sources, there’s no doubting its potential - the International Energy Agency estimates that up to 11 percent of the world’s electricity generation in 2050 could come from CSP.  

And this week in Morocco, the King, His Majesty Mohammed VI, is officially opening the first phase of what will eventually be the largest CSP plant in the world – the same size as Morocco’s capital city Rabat.  I congratulate Morocco for taking a leadership role that has placed it on the frontlines of a revolution that is bringing low-carbon development to emerging and developing economies worldwide.
 
In collaboration with the World Bank and the African Development Bank, the CIF has already provided US$435 million into this three-phase Noor CSP complex in Morocco.

Climate services - Saving lives and livelihoods

Mafalda Duarte's picture
Copyright: Conect4Climate/World Bank

Climate change is affecting us all, but its impacts are hitting the poorest and those in poor countries hardest. That means developing countries vulnerable to sudden and slow-onset impacts of climate change need reliable and accurate weather and climate data and information to help them know when and how to protect their economies and communities.

De-risking climate-smart investments

Rachel Stern's picture
 CIF / World Bank
The city of Ouarzazate in Morocco will host what will become one of the largest solar power plants in the world. Photo: CIF / World Bank


The investment needs for low-carbon, climate-resilience growth are substantial. Public resources can bridge viability gaps and cover risks that private actors are unable or unwilling to bear, while the private sector can bring the financial flows and innovation required to sustain progress. For this partnership to reach its full potential, investors need to be provided with the necessary signals, enabling environments, and incentives to confidently invest in emerging economies.  

Boosting clean tech to power a low-carbon future

Zhihong Zhang's picture
 
A thermo-solar power plant in Morocco. Photo by Dana Smillie / World Bank.

Global warming can be limited by reducing or avoiding greenhouse gases stemming from human activities - particularly in the energy, industry, transport, and building sectorswhich together account for over 75% of global emissions. So low carbon technologies are key to achieving mitigation while creating new economic opportunities.
 
Since 2008, the $5.3 billion Clean Technology Fund (CTF) - one of the $8.1 billion Climate Investment Funds' (CIF) four funding windows—has been partnering with multilateral development banks (MDBs), including the World Bank and the IFC, to provide concessional financing to large-scale country-led projects and programs in renewable energy, energy efficiency and sustainable transport.
 
As the world gets ready for the climate negotiations in Paris later this month, the governing bodies of CTF met in Washington D.C. MDBs, donor countries, recipient countries and civil society organizations gathered to, among other things, share the results and lessons of how the CTF is reducing greenhouse gas emissions, creating energy savings, and improving the lives of some of the world’s poorest people by creating jobs and reducing pollution.
 
The CTF report card is based on the results from operational projects and programs over a one year period. In total, the CTF has achieved 20 mtCO2e in emission reductionsthat’s the equivalent to taking four and a half million cars off the road or shutting down six coal fired power plants.

It’s a make-or-break decade for action on climate change

Rachel Kyte's picture


Photo: Climate Group 

As world leaders descended on Manhattan this week for the UN General Assembly, the blocks around 44th street got ever more gridlocked and noise decibels from the omnipresent motorcades tested the patience of locals and visitors alike.

Away from the main hubbub, Monday I joined Tony Blair, Prince Albert of Monaco, Twitter co-founder Evan Williams and a number of Chairman and CEOs from top companies to talk about climate change and efforts to get the world onto a cleaner growth path.

Tuesday, hosted by Bloomberg L.P., I was in conversation with Commissioner Connie Hedegaard and Cristiana Figueres. The discussion covered the role of the UNFCCC past, present and future in what has happened and needs to happen to arrest climate change. From the need to change the narrative, accounting systems, risk appetites and ambition, to whether the convention is an umbrella for action, or should encourage actions outside its framework, to where will the funding come from for adaptation and resilience as climate change bears its teeth, it was a great conversation showing sensible hope.

Climate Week, an annual event here in New York City organized by The Climate Group is calling for an American “Clean Revolution.” At their opening session they issued a report saying such a revolution could grow the US economy by $3 trillion. 

While climate change seems to be a “non-issue” in the US election, jobs and competitiveness are not. Competitiveness in the global green economy is not an issue for the US alone. 

Faced with conclusive scientific evidence of the impacts of climate change, especially on the world's poorest, and a new global agreement some years off, we're in a ‘make-or-break’ decade for action on global climate change.

Should CSOs Have a Seat at the Table?

John Garrison's picture

The World Bank has experimented with different approaches to including civil society organizations (CSOs) in its decision-making processes over the years. These have varied from regular policy dialogue with CSOs through the Bank – NGO Committee in the 1980s and 1990s, to establishing CSO advisory committees in several Bank units during the 2000s.  Currently, two of these initiatives stand out: the Bank’s Climate Investment Funds have invited 19 CSO representatives (chosen competitively through online voting) to serve as ‘active observers’ on its five Committees and Sub-Committees; and the Bank’s Health Unit has established a CSO 'consultative group' to which it invited 18 CSO leaders to advise the Bank on its health, nutrition, and population agenda. 

Time to engage the private sector on climate finance

Alan Miller's picture

I was at the Climate Investment Funds meetings in Cape Town last week with several other representatives from development banks, NGOs and governments to discuss results, impacts and the future of this financial mechanism. One of many themes cutting across meetings in Cape Town was the importance and challenge of engaging the private sector in climate finance. The private sector is by far the largest source of investment, the dominant provider of technology, and often essential for implementation of mitigation and adaptation measures. However, based on the discussions this week, it’s apparent there is much to learn about what is actually expected or sought from the business community. Here are some of my observations from the meeting:

  1. In my experience references to “the” private sector are common but largely meaningless and often confusing in failing to distinguish between entities as different as major multinational manufacturers, international financiers, and locally- based entrepreneurs. Some speakers even used the term more broadly to encompass markets, including policies directed at consumers.
  2. There are some unavoidable tensions between emphasizing country plans and priorities and the promotion of markets for climate-friendly products and services. This is particularly true in smaller and poorer countries. Control of donor resources is fundamental for many governments but sometimes difficult to reconcile with the flexibility, consistency, and speed required by investors. Public-private partnerships (the focus of a Cape Town session) is one solution but not always appropriate or workable.   Finding models which can blend the two, as in the collaborative IFC/World Bank Lighting Africa project, will be increasingly important. The World Bank was able to build a relationship with energy ministries while IFC focused on helping businesses. Together, they have been able to address a wide range of issues from regulatory systems to that of supply chain development.