The US$7.2 billion Climate Investment Funds (CIF) wrapped up week-long meetings here today with over US$500 million in financing allocated by the Trust Fund Committees and Sub-Committees for building climate resilience and disaster preparedness, REDD+, and clean technologies in developing countries.
Turkish Deputy Prime Minister Ali Babacan addressed the multi-stakeholder CIF Partnership Forum this morning to kick off two days of knowledge exchange following the governing body meetings. “Financial resources need to be scaled up immediately and substantially to support mitigation and adaptation activities in developing countries. Time is ticking away… we should not let the battle against climate change stand still,” he urged in his video statement.
Turkey has already tapped CIF Clean Technology Fund (CTF) financing of US$250 million to help it reach its goal of doubling renewable energy capacity by 2020. Turkey’s CTF investment plan is expected to leverage an additional US$2.25 billion for investments in energy efficiency, renewable energy and smart grid upgrades to facilitate greater integration of renewable energy into its economy.
See full Press Release: http://www.worldbank.org/en/news/2012/11/06/turkish-deputy-prime-minister-calls-urgent-scaling-up-climate-finance-developing-countries
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