Earlier this month, the Climate Investment Funds (CIF) endorsed nine African nations to serve as pilot countries for critical aspects of climate-smart development. This is comprised of six pilot countries for climate resilience and three for sustainable forests.
Focus on African sustainable development
These endorsements, supported by the African Development Bank (AfDB), raises the number of pilot programmes to 34 in 26 African nations.
“With this infusion of support, countries working through the CIF African portfolio have the opportunity to create the potential for major impacts on the ground combined with regionally leveraged knowledge and financing,” stated Kurt Lonsway, AfDB’s manager of environment and climate change. “We believe that this tremendous increase in support will ultimately help shift the nature of development throughout the continent in a more economically and environmentally sustainable direction.”
The six countries to receive CIF’s Pilot Programme for Climate Resilience (PPCR) support are:
Of these, five also have renewable energy plans under the CIF and can use this additional endorsement to expand the landscape of their climate-smart development work by building climate resilience.
These six countries join Mozambique, Niger and Zambia as PPCR countries in the CIF AfDB portfolio.
Investment to scale up renewable energy
The FIP has agreed to provide $2.25 million to nine non-pilot countries for preparation of investment plans to enable the countries to access additional resources that may become available either through the FIP or other bilateral or multilateral sources, including the Green Climate Fund. African countries on the list include Cameroon, Rwanda, Tunisia, Uganda, and Zambia.
Under the CIF’s Programme for Scaling Up Renewable Energy in Low Income Countries (SREP), governments unanimously endorsed Ghana’s investment plan to transform its renewable energy sector.
The plan, which is slated to receive $40 million in SREP funding, is structured around four key projects:
- Renewable energy mini-grids and stand-alone solar PV systems;
- Solar PV-based net metering with storage;
- Utility-scale solar PV/wind power generation; and
- A technical assistance project (supported by the Sustainable Energy Fund for Africa)
Ghana also has an active portfolio under the FIP, and the SREP decision allows the country to exponentially expand its landscape of climate-smart development overall.
About the Climate Investment Funds (CIF)
The CIF was established in 2008, as a fast-tracked climate-financing instrument with an investment portfolio of $8.1 billion to provide developing countries with grants, concessional loans, risk mitigation instruments, and equity that leverage significant financing from the private sector, MDBs and other sources.
Five MDBs – the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank (IDB), and World Bank Group (WBG) – implement CIF-funded projects and programmes.