ISTANBUL, TURKEY – The Climate Investment Funds (CIF) wrapped up week-long meetings with more than $160 million allocated for developing countries in Asia and the Pacific to expand access to renewable energy, manage forests to conserve their carbon, and build resilience to the adverse impacts of climate change.
“At a time when demand for climate change financing far outstrips supply, we are pleased that a substantial amount of CIF funding has been secured for countries in Asia and the Pacific, a crucial battleground in the global war against climate change,” said Woochong Um, Deputy Director General of Regional and Sustainable Development Department at the Asian Development Bank (ADB).
Among the countries in the region that will receive new funding from the CIF is Indonesia, which was allocated $70 million under the Forest Investment Program(FIP) for community forestry and development of programs that financially reward forest carbon management. The FIP supports improved forest management with an eye to the global benefits of locking up carbon in forest vegetation and soils to counter the causes of global warming.
The Maldives will receive $30 million under the Program for Scaling up Renewable Energy in Low Income Countries to bolster renewable energy production by 26 megawatts for the capital Malé and 30 outlying islands. This will help the Maldives demonstrate that small island developing states can reduce their dependence on imported fossil fuels and move toward carbon neutral energy economies.
Papua New Guinea was allocated $30 million under the Pilot Program for Climate Resilience (PPCR) for measures to protect infrastructure from climate threats and to enhance national capacity to cope with climate-induced natural disasters.
Tajikistan was allocated $10 million for expanded measures to improve water sector resilience, on top of previous PPCR funding.
Cambodia, Nepal, Samoa, and Tonga each received a supplemental $5 million allocation to complement earlier PPCR funding.The additional funds will help build the resilience of these countries to the adverse consequences of climate change, especially on their most vulnerable communities.
The CIF have received $7.2 billion in contributions from 14 donor countries to date, programming more than $6 billion to 48 developing countries for over 200 projects. A mix of grants, highly concessional and near-zero interest credits, and risk mitigation instruments from the CIF are expected to leverage over $43 billion in co-financing.
ADB serves as partner in channeling these funds to its developing member countries, providing technical assistance and cofinancing from its own resources. In addition to ADB, CIF financing is channeled to countries through the African Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, andthe public and private sector arms of the World Bank Group.