ADB hosts climate investment forum to scale up Asia`s response to climate change

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Source: Asian Development Bank

Senior government officials and climate change experts from around the world will gather in the Philippines this week to discuss financial measures to help developing countries mitigate greenhouse gas emissions and adapt to climate change.

Hosted by the Asian Development Bank (ADB), the 15-19 March meetings are an opportunity to review the impact of Climate Investment Funds (CIF), and to strengthen developing country participation in CIF climate action schemes.

The CIF are implemented by the Multilateral Development Banks (MDBs) – the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and World Bank Group – to provide interim funding for priority climate change responses while the new global financial architecture is negotiated.

ADB Vice-President Ursula Schaefer-Preuss said the 2010 CIF Partnership Forum is especially important given the outcome of last December's COP 15 negotiations in Copenhagen, where negotiators were unable to reach consensus on post-2012 financing for climate change solutions under the auspices of the UN Framework Convention on Climate Change.

'The Climate Investment Funds were designed to bridge the gap between developed and developing countries for climate change funding and knowledge,' said Ms. Schaefer-Preuss. 'While the new, post-2012 financial architecture is being negotiated, the CIF can continue to provide critical interim funding.'

The CIF was created in July 2008 and has since received donor pledges of over $6 billion. The CIF is comprised of the Clean Technology Fund (CTF), which finances scaled-up demonstration, deployment and transfer of low carbon technologies for significant GHG reductions within country investment plans; and the Strategic Climate Fund (SCF), which finances targeted programs in developing countries promoting adaptation actions under the Pilot Program for Climate Resilience (PPCR), access to clean energy under the Scaling Up Renewable Energy Program (SREP) and emissions reductions through improved forest management under the Forest Investment Program (FIP).

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