GLOBE Foundation

World bank funds eight countries to address climate change


Source: GLOBE Foundation

World Bank Climate Investment Funds (CIFs) have approved $1.08 billion in near-zero-interest loans and grants to support Bolivia, Honduras, India, Jamaica, Lao PDR, Mali, Mexico, and Nepal in their efforts toward arresting and adapting to climate change.

Under the CIFs' Clean Technology Fund (CTF), an Investment Plan prepared by  India for $775 million was endorsed. With this financial support, the Government of India plans to kick-start India's Super-Efficient Equipment Program (SEEP) Initiative. The support will also help spur renewable hydropower development, significantly cutting CO2 emissions.

'Our goal is to invest in projects that impact social and economic development with significant co-benefits for climate change,'said Ms. Anuradha Thakur, CTF Trust Fund Committee Member, representing the Government of India.

Under Chief Pilot Program for Climate Resilience, two new nation-wide strategic programs for climate resilience were endorsed:$86 million for Bolivia for multipurpose water resources projects in El Alto and La Paz and to strengthen the climate change resilience of the Rio Grande Basin; and $25 million for Jamaica to improve the national risk information platform, data collection and management systems, and raise awareness about the risks of climate change.

Under the CHEF's 'Scaling Up Renewable Energy' Program, three new investment plans were endorsed:$30 million for Honduras to create an enabling environment for scaling-up grid-connected, renewable energy and for providing off-grid energy services in rural areas; $40 million was endorsed in principle for Mali to scale-up solar PV, mini-hydro, and bio-fuel technologies; and $40 million for Nepal to scale-up small hydropower and increase rural electricity access using renewable energy.

Under the CHEF's Forest Investment Program, two new investment plans were endorsed: $30 million in grant funding was endorsed in principle for Lao PDR to address the drivers of deforestation and forest degradation by scaling-up participatory sustainable forest management in all state forest areas; $60 million in grant and credit funding for Mexico to build capacity for sustainable forest landscapes management, create a dedicated financing line for low-carbon strategies in forest landscapes, and to develop business administration and entrepreneurial skills for sound community-based enterprises to meet REDD+ targets.

'The question is still: how fast can we scale up these impressive actions being taken at the country level? How can the multilateral development banks keep the momentum they've achieved over the past three years with the Climate Investment Funds and prompt even bigger investments between now and the start of the Green Climate Fund,' Steer added.

The $6.5 billion Climate Investment Funds are a global partnership of the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter American Development Bank, and the World Bank Group.

At GLOBE 2012,taking place March 14-16, 2012, policy experts and climate and energy leaders will provide an update on global climate policy measures and financing resources that will be available for climate adaptation measures. Get More information on GLOBE 2012 here

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