The CIFs should be in addition to existing Official Development Assistance (ODA) to enable countries to continue on their development path and achieve the Millennium Development Goals. These funds will be operated in a close coordination with existing bilateral and multilateral efforts, in particular the Global Environment Facility (GEF) and the Adaptation Fund.
The funds are to be formally created by the World Bank Board of Directors in July 2008.
The World Bank has been assigned temporary management responsibility of it but this may not continue after UN's Copenhagen climate change conference in December, 2009, due to its continued heavy investment in coal-fired power plants, as well as its proposal to use the Clean Technology Fund as an additional source of money for business as usual.
Solar thermal power provides a useful illustration because it shows promise as a renewable option for baseload power. A recent study indicates that under a carbon pricing scheme with charges consistent with the low-end of requirements for safe atmospheric carbon loading, public financing through the CTF could close the cost gap between solar thermal and coal-fired power in a 5 to 10 year program that expands capacity at 500-1000 MW/year. Total Clean Technology Fund subsidies for this program would be $4 - $8 billion – easily within range for a serious multilateral effort.
The Pilot Program for Climate Resilience would be the first program under the Strategic Climate Fund. It would explore practical ways to mainstream climate resilience into core development planning and budgeting, building on National Adaptation Programs of Action (NAPAs). It would be strategically aligned with, and maintain strong links to, the Adaptation Fund established under the Kyoto Protocol.
The Fund also includes the Forest Investment Programme.
FIFTEEN AFRICAN NATIONS EMBARKING ON CLIMATE-SMART DEVELOPMENT TO ATTEND THE 2011 CLIMATE INVESTMENT FUND PARTNERSHIP FORUM.
Jun 08, 2011; TUNIS, Tunisia -- The following information was released by the African Development Bank (AfDB) Group: More than 400 stakeholders...