Africa to Receive $1.1 billion in New Financing for Climate Action
The Climate Investment Funds are a unique pair of financing instruments designed to test what can be achieved to initiate transformational change towards low-carbon and climate-resilient development through scaled-up financing channeled through the Multilateral Development Banks. The two funds are the Clean Technology Fund (CTF), financing scaled up demonstration, deployment and transfer of low-carbon technologies for significant greenhouse gas reductions within country investment plans; and the Strategic Climate Fund (SCF), financing targeted programs in developing countries to pilot new climate or sectoral approaches with scaling-up potential.
In Africa, where access to energy is critical for economic growth and, therefore, poverty alleviation, the challenge is to help countries obtain the energy they need, without aggravating climate change. South Africa will receive $500 million from the CTF to support its goals of generating four percent of the country
Source: IWR Online, 06 Nov 2009