Development-bank climate funds seek new dollars, as competition heats up
By Megan Rowling
Ministers from more than 30 developing countries on Monday urged wealthy nations to top up a set of climate funds that channel money to international development banks, in a year when competition for limited donor dollars is set to heat up.
The $8.3-billion Climate Investment Funds (CIF), currently the world’s largest multilateral climate financing instrument, help developing states pursue low-carbon development that protects them better from wilder weather and rising seas.
But after a decade of operation, the funds have less than $1 billion to commit – and are likely to run out of money this year, having received no new contributions since 2014, CIF head Mafalda Duarte told the Thomson Reuters Foundation.
Photo courtesy of Pavel Ahmed.