This innovative approach will enable the CIFs to leverage their balance sheet strength to raise significant capital and invest in climate-friendly projects in developing countries. By tapping into international capital markets, the CIFs aim to accelerate the transition to a low-carbon economy and address climate change challenges.
The African Development Bank, a key partner of the CIFs, has played a crucial role in the development of the CCMM initiative. The Bank’s strong track record in implementing climate-friendly projects, such as the Noor solar project in Morocco and the Xina solar project in South Africa, has made it a valuable partner in the fight against climate change.
This landmark move by the CIFs represents a significant step forward in mobilizing the necessary resources to address climate change and build a sustainable future. By unlocking new sources of financing, the CIFs can support ambitious climate action and drive sustainable development in developing countries.
TE/Sf/fss/abj/APA