More than 30 developing countries, most of them African nations, have called on the international community to recapitalize the Climate Investment Funds known as CIF.
The call, on the eve of the 2019 World Bank and International Monetary Fund Spring Meetings which concluded on Sunday, was a response to worsening consequences of climate change and sweeping finance gaps for low-carbon development.
In a joint statement, ministers representing nations on the frontlines of climate change said CIF should remain a central multilateral institution in the global climate finance architecture.
They said significant involvement is required from CIF and its partners to address mass migration, increased poverty rates, and other climate impacts.
According to them, mobilizing finance for climate action is a core development challenge and a multitrillion-dollar economic opportunity.
They said closing the expansive gap in climate finance is vital to supporting developing countries in meeting their sustainable development objectives, avoiding global climate catastrophe, and seizing the rewards of a new climate economy.
It is also, they argued, a priority area of UN Secretary-General António Guterres’ Climate Summit in September of this year.
“Now is the time—not tomorrow, not next week—to direct all our energy, all our ingenuity, and all our resources toward reining in this crisis. With their statement today, developing countries acknowledged unequivocally that CIF is an essential means to this end,” said CIF Head Mafalda Duarte.
Participants stressed the need to harness its comparative advantages and those of complementary multilateral climate funds, including the Green Climate Fund, to drive low-carbon and resilient development where it is needed most: in low and middle-income countries.
Now marking over a decade of climate action, CIF financing is unlocking over $55 billion in climate change-related investments across 72 countries.
These efforts have realized hundreds of transformational programs and projects that would have been impossible without CIF’s below-market rates and patient, risk-absorbing capital. Worldwide, CIF-funded initiatives are supporting 26.5 gigawatts in clean power capacity, improved energy access for 8.5 million people and over 300,000 businesses, strengthened climate resilience for 45 million people and 44,000 businesses, and 36 million hectares of more sustainable forests.