The Climate Investment Funds (CIF), a multilateral climate finance mechanism, has been working with the continent’s premier financial development institution, the African Development Bank (AfDB) – CIF’s implementing entity – renewable financing energy, forestry, and resilience solutions in Africa. Of about $8billion funding, Africa receives one-third of the total funding.
In today’s conversation, Mafalda Duarte, the Climate Investment Funds CEO, and Gareth Phillips, the climate and environmental finance manager at the AfDB, gives a backgrounder the Climate Investment Funds and the portfolio of work CIF have implemented with the AfDB.
The African Development Bank CIF 2020 Annual Report explores developments in the Bank-CIF portfolio over this partnership’s first ten years. More than 25% of CIF funding goes to Africa. Since 2010, the African Development Bank has played an important role as a CIF implementing entity, advancing a growing portfolio of renewable energy, forestry, and resilience projects in Africa. As of 31 December 2020, the African Development Bank has approved 27 projects (of which seven are fully implemented) and channeled more than $2.8 billion in the continent.
This Episode is part of financing change in Africa series made possible by a collaboration between the continent’s premier development finance institution – the African Development Bank Group, the Climate Investment funds and the Africa Climate Conversations.