Q. Consider the following statements regarding “Climate Investment Funds (CIFs)”:
1. World Bank is the trustee of CIFs.
2. They were designed by developed Countries only.
Which of the statements given above is/are correct?
The Climate Investment Funds (CIFs) are implemented by the Multilateral Development Banks (MDBs) to bridge the financing and learning gap between international climate change agreements.
- They were designed by developed and developing countries. The World Bank is the Trustee of the CIFs.
- It includes a “sunset clause” to ensure that the Fund’s activities do not prejudice the outcome on the UNFCCC negotiations.
CIFs are two distinct funds
- Clean Technology Fund
- Strategic Climate Fund.
The CTF promotes scaled-up financing for demonstration, deployment and transfer of low carbon technologies with a significant potential for long-term greenhouse gas emissions savings.
Source: World Bank