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CIF stole the headlines on the first day of COP26 when Canadian Prime Minister Justin Trudeau announced that he would be committing $1bn to the new CIF Accelerating Coal Transition Investment Program. The transition to clean energy is an enormous economic and societal opportunity for developing countries, but it must be realized in an accelerated and large-scale manner. Coal is the single-largest source of global temperature rise and still occupies 44% the power grid in the developing world. Canada’s commitment will help unlock this clean transition potential immediately.
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Unveiled during COP26, the new CIF Accelerating Coal Transition (ACT) and the Renewable Energy Integration Program (REI) look to support developing countries in a just transition to clean energy, essential to limiting global temperature rise to 1.5°C by 2100. The $2bn ACT program is designed to de-risk, pilot, and scale investments across three critical dimensions of the coal transition: governance, people, and infrastructure. It has received international backing, including DKK 100 million from the Danish government. The $300m REI is the world’s only large-scale investment program dedicated to tackling barriers to clean energy integration in emerging economies. It will focus on scaling public and private investments in energy storage, smart grids, hybrid technologies, and help prepare transmission infrastructure for rapid adoption of renewables. With wide support from the international community, REI recently received a $100 million contribution from the Netherlands.
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The Clean Technology Fund has evolved. The Climate Investment Funds announced the new CIF Capital Market Mechanism at COP26. This program is prevalent and necessary because it will be the first time a multilateral climate fund has leveraged its balance sheet in the capital markets to unlock urgently needed private investment to help narrow the clean infrastructure gap in developing countries. Hailed as one of the most important new programs by countries around the world during COP26, Treasury Secretary Janet Yellen promised that the US would fully support the new financing mechanism.
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The ChangeMakers Initiative continues its global campaign of encouraging everyday citizens to share their climate action commitments. In collaboration with the Glasgow City Council, the two organizations held a projection exhibit at the St. Andrews Cathedral in Scotland displaying ChangeMakers images on the facade. The campaign also has the incredible honor of being selected for The United Nations (UN) virtual exhibits gallery, which is featuring the ‘Original ChangeMakers’.
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On October 15th, the Climate Investment Funds CEO Mafalda Duarte and the International Renewable Energy Agency’s (IRENA) Director General Francesco La Camera signed a historic Memorandum of Understanding (MoU) in an effort to accelerate just and inclusive energy transition investment globally. Embracing energy transition Is critical as it creates jobs, unlocks economic growth, and promotes sustainable development. CIF and IRENA will focus on development practices that include climate change mitigation and adaptation strategies for energy transition.
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The ChangeMakers campaign has received the distinct honor of being selected for The United Nations (UN) virtual exhibits gallery. The gallery showcases projects that demonstrate exemplary dedication and innovative development work on key topics such as human rights, sustainable development, climate action, women and girls, and more.
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The Climate Investment Funds (CIF) has officially joined the Powering Past Coal Alliance (PPCA). Coal accounted for 39% of global carbon emissions in 2020 and, drastic and accelerated coal phaseout is necessary for the world to avoid a climate catastrophe and reach net zero by 2050. This new partnership is another strength and advantage to an already formidable organization dedicated to keeping Paris Agreement goals in sight. CIF’s vast experience will be utilized where it is needed most, such as strategic cooperation - e.g., identifying policy gaps in member countries and assisting in developing policy frameworks that accelerate the clean transition.
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At COP26, the Multilateral Climate Funds - AF, CIF, GEF, and GCF - committed to enhancing their collaboration, information sharing for joint programming, operational and knowledge partnerships, and joint communications. Their newly agreed upon approach and commitment will be based on three pillars of partnership - exploring synergies in programming; monitoring, evaluation and learning; and communication and outreach.
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The Health, Nutrition and Population Global Practice of the World Bank, supported by the Climate Investment Funds (CIF) has released a new report, ‘COVID-19 and Climate-Smart Health Care: Health Sector Opportunities for Synergistic Response to the COVID-19 and Climate Crises’ that looks at the connection between global pandemics and climate change.
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Season two, episode one ‘Paris' Promises and Glasgow's Gutcheck: Assessing the impact of the UN Climate Change Conference’ is now available. Hosted by John D. Sutter, the Foreign Policy and the Climate Investment Funds podcast tells the stories of people on the front lines in the fight against climate change.
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The Climate Investment Funds (CIF) and BloombergNEF joint report identifies the role that financial intermediaries can play in mobilizing clean energy investment in emerging markets, with a focus on clean power and transport. Looking back at the history of fund-deployment and fundraising activities in emerging markets and analyzing four case studies, the report uses its research on five country-specific “clean energy finance roadmaps” to show idealized routes for achieving far greater scale by 2030.
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The ‘Learning Review of CIF-supported Hydromet and Climate Services Projects’ looks at 11 hydromet and climate services (HMCS) PPCR projects and identifies good practices, priorities, and recommendations for more effective, sustainable, adaptive, and resilient investments in HMCS services moving forward.
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As part of the Knowledge for Resilience Series, CIF has released an in-depth case study that provides lessons and insights on the process, principles, and means of local stakeholder engagement (LSE) from 11 PPCR projects.
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The Climate Investment Funds (CIF) and The European Bank for Reconstruction and Development (ERBD) co-hosted a COP26 youth event, “Youth, Climate Funds, and MDBs: Forging Meaningful Partnerships Towards More Inclusive Climate Action” that launched CIF’s consultation note, “Towards a Youth Engagement Strategy (YES)”. The consultation note contains recommendations and opportunities for CIF to better engage and benefit youth.
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The report provides results and key lessons of CIF’s $700 million portfolio of 11 infrastructure projects under the PPCR, and examines the scope of support provided and progress made to date.
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Released in conjunction with a COP26 event, the ‘Observer Stories’ report provides recommendations to strengthen the role of observers in the governance of climate funds and highlights both positive and negative experiences in stakeholder engagement.
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C O P 2 6 E V E N T S
N O V 0 1 - N O V 1 2
COP26 was the event of the year for CIF. On a global setting, in front of world leaders, and observed by individuals around the world, CIF launched three new groundbreaking programs that will lead the fight against climate change through concessional finance and clean energy transition. CIF participated in 25 events, published numerous reports and received commitments from countries around the world.
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