Clean Technology Fund
The Climate Investment Funds (CIFs) were designed by developed and developing countries and are implemented with the multilateral development banks (MDBs) to bridge the financing and learning gap between now and the next international climate change agreement. CIFs are two distinct funds: the Clean Technology Fund and the Strategic Climate Fund.
The CIFs are additional to existing Official Development Assistance (ODA) and aim to enable countries to continue on their development path and achieve the Millennium Development Goals. These funds will be operated in close coordination with existing bilateral and multilateral efforts.
The funds were approved by the World Bank Board of Directors in July 2008 and on September 26, 2008 received pledges of US$6.5 billion.
The Climate Investment Funds include the:
- Clean Technology Fund
- Strategic Climate Fund
- Pilot Program for Climate Resilience
- Scaling Up Renewable Energy Program, and
- Private Sector
The Clean Technology Fund (CTF) promotes scaled-up financing for demonstration, deployment and transfer of low carbon technologies with a significant potential for long-term greenhouse gas emissions savings. Innovation and deployment of clean technologies at scale will be central to success.
Investments are planned for renewable energy and highly efficient technologies to reduce carbon intensity, for the transport sector, to address both efficiency and to promote modal shifts, and for energy efficiency in buildings, industry and agriculture.
The World Bank is the Trustee of the CIFs, which include a "sunset clause" to ensure that the Fund's activities do not prejudice the outcome on the UNFCCC negotiations.
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