Three Asian countries are set to receive a total of $800 million in support of investment plans for a range of innovative climate activities.
Vietnam, the Philippines, and Thailand have been endorsed for low-carbon growth funding by countries governing the
Climate Investment Funds (CIF); a first-ever infusion of new funding from the CIF
Clean Technology Fund (CTF) for Asia.
The funding will target private sector investments in energy efficiency and renewable energy through local banks, transmission system upgrades to reduce losses and support renewable energy development, and significant urban transport improvements, through the Asian Development Bank and World Bank Group. In total, the three national investment plans are anticipated to mobilize nearly $10 billion in co-financing from government, private sector, and other sources.
The three Asian Investment Plans bring the total of CTF-funded Investment Plans to nine. Five other countries – Egypt, Mexico, Morocco, South Africa, and Turkey -- already have Investment Plans endorsed and are in the process of development and implementation of projects. In addition on December 1, 2009, the CTF Trust Fund Committee endorsed the first regional $750 million Investment Plan for scaling up
Concentrated Solar Power in five countries in the Middle East and North Africa region.
The CIF are a unique pair of financing instruments designed to test what can be achieved to initiate transformational change towards low-carbon and climate-resilient development through scaled-up financing channeled through the Multilateral Development Banks.
The two funds are the CTF and the
Strategic Climate Fund (SCF). CTF provides scaled-up financing, principally to emerging economies and to regional groups, for demonstration, deployment, and transfer of low-carbon technologies that have significant potential for long-term greenhouse gas (GHG) emissions savings.
While, SCF is an umbrella vehicle for the receipt of donor funds and disbursements to specific funds and programmes aimed at piloting new development approaches or scaling up activities aimed a specific climate change challenge or sectoral response.
Related LinkClimate Investment Funds press release
