The announcements were made this week at the Climate Investment Funds (CIF) “The Power of 10: Shaping the Future of Climate Action” event at the Noor Ouarzazate Concentrated Solar Power Plant - the largest facility of its kind in the world - in Morocco. The summit convened over 300 climate leaders from the public and private sectors for action-oriented dialogue on fighting climate change.
A highlight of the event was the surprise announcement of the new Technical Assistance Facility for Clean Energy Investment, with an initial investment of $15 million from the government of Denmark.
The Facility, established within CIF, will focus on technical support for establishing investment-friendly regulatory environments and other investment conditions for renewable energy and energy efficiency, including by increasing predictability and security for investors, thereby enabling accelerated scale-up of investments at lower costs of capital.
The key objective is to assist countries, working closely with multilateral development banks (MDBs), in accelerating investments and market development of clean energy to support their low carbon transformation. The Facility will be launched with the initial contribution, and is open to additional funding contributions from other donors.
CIF launched three highly anticipated reports at the event: two Transformational Change Reports assessing the effectiveness of CIF’s unique approach: independent evaluation and evidence synthesis; and A Learning Review of the Dedicated Grant Mechanism (DGM) for Indigenous Peoples and Local Communities in the Forest Investment Program (FIP).
The independent review of DGM and FIP says that the Climate Investment Funds is enabling forest-dependent communities to lead on the decisions that most impact them, by providing grants that empower Indigenous Peoples and Local Communities to set priorities, design projects, and implement community-led projects aimed at managing their natural environment.