Climate Investment Funds holds its ten-year anniversary summit at the world’s largest solar plant in Morocco
The Climate Investment Funds’ “The Power of 10: Shaping the Future of Climate Action” event took place on 28-29 January, 2019 in Ouarzazate, Morocco at the Noor concentrated solar power complex, the largest plant of its type in the world, providing renewable energy to more than 2 million households. The summit convened over 300 climate leaders from the public and private sectors for action-oriented dialogue on fighting climate change.
Hon. Aziz Rabbah, Minister of Energy, Mines and Sustainable Development of Morocco, opened the celebration with a message of hope to African countries: “We achieved many results since 2009 when the energy strategy of Morocco was launched. Results are visible here in Ouarzazate. We moved from desert to power. This shows that in Africa we have the resources, the natural potential and clear opportunities.”
Hundreds of topics were discussed over the two days, across 30 individual sessions including ministerial remarks, keynote addresses, panel discussions, report launches and interactive workshops.
“We have a rapidly closing window of opportunity to take the required action on climate change, so we set out to create a unique and strongly action-oriented event that was not a standard conference. Being at the incredible Noor site reminds us what is possible, and what can be achieved when different stakeholders set their minds, ambitions and energy to a common goal,” said Mafalda Duarte, Head of Climate Investment Funds.
The African Development Bank, as one of the implementing agencies of CIF, plays an important role in accelerating climate-related investments in Africa. The Noor complex is a shining example of this great collaboration and how concessional financing, technical assistance, and private sector partnerships can effect large-scale change.
“The ultimate goal of finance is to facilitate innovation and development,” said Mustapha Bakkoury, President of the Moroccan Agency for Sustainable Energy (MASEN).
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 new independent transformational change reports find that the $8 billion Climate Investment Funds (CIF) drives fundamental change in how countries tackle climate change, and is unique among climate finance institutions.
“CIF has consistently taken a deliberate, collaborative and systems-level approach to the delivery of climate finance,” says Mafalda. “We have learned which interventions and approaches are most impactful, gaining insights that not only strengthen our own work, but offer lessons for the wider climate finance community.”
The independent review of DGM and FIP reveals that the CIF is enabling forest-dependent communities and indigenous peoples to set priorities, design projects, and implement community-led projects aimed at managing their natural environment.
On its 10th anniversary, CIF hosted a two-day event on the future of climate action. The first day was focused on high-level discussions on lessons learned, and the urgency of climate action. Speakers included the Honorable Aziz Rabbah, Minister of Energy, Mines and Sustainable Development in Morocco; and Mr. Abdalah Mokssit, Secretary of the WMO/UNEP Intergovernmental Panel on Climate Change (IPCC.
Day 2 featured discussions on solutions for decarbonisation, resilience, and climate action. Topics included urban and climate finance, clean transport, transparent climate leadership, empowering women in climate and the voice of indigenous people. Speakers included Ambassador Luis Alfonso de Alba, the UN Secretary-General’s Special Envoy for the 2019 Climate Summit; and Hon. Alexander Chiteme, Minister of National Development and Planning, Government of Zambia.
The African Development Bank is implementing $810 million in CIF resources in Africa, with an additional estimated $12.3 billion in co-financing from a variety of official and private sector co-financiers. Event website: www.cifpowerof10.org
The $8.3 billion Climate Investment Funds (CIF) accelerates climate action by empowering transformations in clean technology, energy access, climate resilience, and sustainable forests in developing and middle-income countries. The CIF’s large-scale, low-cost, long-term financing lowers the risk and cost of climate financing. It tests new business models, builds track records in unproven markets, and boosts investor confidence to unlock additional sources of finance. www.climateinvestmentfunds.org