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India’s
plans for $775 million in support of
a national
action plan on climate change were endorsed
WASHINGTON
DC, November 4, 2011
– A week of meetings among countries participating in the Climate Investment
Funds (CIFs) has resulted in more than $1 billion committed to solving the
problems of climate change. Today, the Climate Investment Funds 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 by
monetizing energy savings that will encourage consumers to buy high efficiency
fans; enhance the cost effectiveness of improvements in energy efficiency in
large industries and facilities; and enable the Jawaharlal Nehru National Solar
Mission by lowering the cost of
financing and facilitating technology transfer in the establishment of solar
parks. 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.
By going down this path and with the help of the Climate Investment Funds, we
hope to demonstrate how innovative investments and business models can be
catalytic to a low-carbon growth model. Leveraging private and public sector
funds towards this investment is one of the initial spin-offs,”
said Ms. Anuradha Thakur, CTF Trust Fund
Committee Member, representing the Government of India.
During
the week-long meeting of countries participating in the CIFs, seven other
countries’ plans were endorsed to receive $311 million in climate
finance.
“Every
time the CIF committees meet I’m amazed at the commitment and energy level of
our partner countries. There is a can-do spirit to these discussions that makes
me feel optimistic about our chances to solve the problem. When we think about
eight more countries and a billion more dollars coming together – this is a
serious joint effort. It’s our privilege to support these partner nations,”
said Andrew
Steer, World Bank Special Envoy for Climate Change.
Under
CIF’s 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 CIF’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 with a focus on electricity production and
productive energy uses for women and men; and
$40 million for Nepal to
scale-up small hydropower and increase rural electricity access using
renewable energy.
Under
the CIF’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.
Indigenous
Peoples and Local Communities Design their own Dedicated
Grant Mechanism
Also
this week, the
proposed design of the Dedicated Grant Mechanism for Indigenous Peoples and Local
Communities was approved by the Trust Fund Committee of the Forest
Investment Program (FIP). This financing mechanism is the culmination of more
than two years of consultations among indigenous peoples groups, local
communities, the MDBs and the CIF
Administrative Unit. The dedicated grant mechanism is based on the premise that
efforts toward sustainable forest management and addressing the drivers of
deforestation and forest degradation must respect indigenous peoples’ holistic
approach to land, including the spiritual, cultural, political and livelihood
dimensions. The mechanism is expected to help enhance the capacity of indigenous
peoples and local communities to participate fully, effectively and continuously
in FIP pilot country REDD+ activities. A global component will focus on
knowledge management bringing together indigenous peoples groups and local
communities from FIP pilot and other countries to exchange good practices and
lessons learned on how to effectively address REDD+.
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, InterAmerican Development Bank, and the World Bank
Group.
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