News

Climate Investment Funds to Channel US$1.1 Billion for Climate Change in Africa

afdb5 November 2009: The Climate Investment Funds (CIF) will invest US$1.1 billion to integrate climate risk and resilience into development planning, achieve renewable energy goals, and pursue low carbon growth in Africa.

Mozambique, Niger and Zambia will receive US$50-70 million each to integrate climate risk and resilience into their core development planning. South Africa will receive US$500 million from the Clean Technology Fund (CTF) to support the generation of 4% of the country's electricity needs from renewable energy by 2013, improving energy efficiency by 12% by 2015 and providing one million households with solar water heating over the next five years. Morocco will receive US$150 million from the CTF to help establish a funding mechanism to enhance energy security and pursue low-carbon growth. Egypt will use the US$300 million from the CTF to support relevant sector development policies and strategies, such as the Power Sector Strategy and Greater Cairo Urban Transport Strategy. In particular, the financing, endorsed by the CTF Trust Fund Committee earlier this year, will be used to develop wind power and low carbon urban transport systems.

In Africa, the African Development Bank and the World Bank Group jointly implement the CIF, in cooperation with governments, the UN and other partners.[World Bank Press Release]