The Maldives has been elected as Co-Chair of the World Bank´s Strategic Climate Fund Committee (SCF), which is part of the governing body of the Climate Investment Fund (CIF), established in 2008.
The Climate Investment Funds are a pair of funds to help developing countries pilot low-emissions and climate-resilient development. With CIF support, 44 developing countries are piloting transformations in clean technology, sustainable management of forests, increased energy access through renewable energy, and climate-resilient development.
At the joint SCF Trust Fund Committee meeting held in World Bank Headquarters in Washington DC on 11th November 2010, Maldives, represented by Ahmed Shafeeq Moosa, President´s Envoy for Science & Technology, was elected as Co-Chair from the recipient countries, after Senegal´s nomination was supported by Bolivia. United Kingdom was elected Co-Chair to represent the donor countries.
"This is an opportunity for Maldives to learn about and benefit from the wide range of climate change finance mechanisms that are available now. It also provides an excellent platform to interact and associate with leading professionals in the area. Maldives was selected a pilot country under the Scaling-up Renewable Energy Program (SREP) in July 2010, with grant financing of up to $ 30 million. Going forward, it is my hope that further funding can be channelled to the Maldives through the CIF program," Mr. Moosa said.
"Furthermore, I would urge and encourage the private sector in the Maldives to take a lead in benefiting from global financing mechanism which are now increasing targeted at clean technology and renewable energy to build more climate resilient communities," he added further.
Maldives was also Co-Chair of Pilot Programs for Climate Resilience (PPCR) sub-committee in the 2nd session of 2009/2010, along with the United Kingdom, representing the recipient and donor countries respectively.
The governing structure of the Climate Investment Fund (CIF) consists of two main funds, Clean Technology Fund (CTF) and Strategic Climate Fund (SCF) and is channeled through the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and World Bank Group.
The Clean Technology Fund (CTF) and the Strategic Climate Fund (SCF) are each are governed by a separate Trust Fund Committee having equal representation from contributor and recipient countries.
The CTF Trust Fund Committee oversees the Fund´s operations, provides strategic direction, and also approves and oversees its programming and projects.
The SCF Trust Fund Committee approves the establishment of its targeted programs and advises on strategic direction. SCF targeted programs include the Forest Investment Program (FIP), Pilot Program for Client Resilience (PPCR), and Scaling-up Renewable Energy Program (SREP), each of which is governed by its own Sub-Committee.
"Active" observers from the UN, GEF, UNFCC, civil society, and indigenous people and the private sector are invited to participate in meetings of the Trust Fund Committees and Sub-Committees. Decision of the Trust Fund Committees and Sub-Committee are made by consensus.
Climate Investment Funds (CIF) - $6.4 billion
Main donors to the CIF are:
United States $2 billion
United Kingdom $1.212 billion
Japan $1.190 billion
Germany $741 million
France $274 million
Norway $177 million
Australia $137 million
Spain $108 million
Other donors include, Canada, Denmark, Netherlands, Sweden and Switzerland.
CIF is a unique model for development and climate finance:
· Country led, owned and built on development and low-carbon growth plans
· Equitable governance, equal representation between recipient and contrubtor countries, consensus decisions, stakeholder engagement
· Joint MDB initiative ensures alignment with development strategies, coordination, pogrammatic approach, leveraging regional/global synergies
· Provides support for transformational change at policy, institutional and market levels
· Leverages significant priveate sector and MDB financing: every $1 CTF leverages $8.4 other sources
· Results monitoring through results chains and performance measurement strategies linking impact, outcome, outputs with country-level activities
Clean Technology Fund (CTF) $4.5 billion
Finance scaled-up demonstration, deployment and transfer of low emission technologies to initiate transformation to low emission development
CTF Country and Regional Investment Plans
Demonstrate, deploy and scale up renewable energy, energy efficiency, urban transport, commercialization of sustainable energy finance through local banks
· 13 CTF Investment Plans ($4.5 billion): Colombia, Egypt, Indonesia, Kazakhastan, Mexico, Morocco, Philippines, South Arica, Thialand, Turkey, Ukraine, Vietnam; regional MENA Concentrated Solar Power (Algeria, Egypt, Jordan, Morocoo, Tunisia
Strategic Climate Fund (SCF) $1.9 billion
Targeted programs with dedicated funding to pilot new approaches to initiate transformation with potential for scaling up climate resilience
Pilot Program for Climate Resilience (PPCR)
Mainstream reslience in development planning
- 9 PPCR countries, 2 regional pilots ($1 billion): Bangladesh, Bolivia, Cambodia, Mozambique, Nepal, Niger, Tajikistan, Yemen, Zambia, Caribbean, S. Pacific
Forest Investment Program (FIP)
Reduce emissions from deforestation and forest degradation
- 8 FIP pilots ($587 million): Brazil, Burkina Faso, Democratic Republic of Congo, Ghana, Indonesia, Laos, Mexico, Peru
Scaling Up Renewable Energy in Low Income Countries (SREP)
Create economic opportunity, increase energy access through renewable
- 6 SREP pilots ($318 million): Ethiopia, Honduras, Kenya, Maldives, Mali, Nepal
Related links:
. Donor Nations Pledge Over $6.1 Billion to Climate Investment Funds
. www.climateinvestmentfunds.org
. www.worldbank.org
