Climate Investment Funds Initiatives

LONDON (Reuters) – Brazil, Egypt, and Mexico are among seven middle-income countries selected by the Climate Investment Funds (CIF) for a $1 billion program aimed at reducing emissions from industrial sectors.

The other selected countries include Namibia, South Africa, Turkey, and Uzbekistan, chosen from a pool of 26 applicants. These nations will collaborate with investors to create plans for decarbonizing an industrial sector that contributes to one-third of global emissions.

Participating countries will have access to affordable financing through CIF’s Industry Decarbonization Investment Program, which is expected to leverage $12 in additional financing for every $1 spent. This includes funding from development banks and private sectors.

As part of CIF’s $9 billion Clean Technology Fund, the industry program can allocate up to 100% of financing to projects led by the private sector or those attracting notable private investments, with a minimum requirement of 50%.

CIF Chief Executive Tariye Gbadegesin stated, “Decarbonizing Industry is about more than emissions – it’s about securing long-term prosperity and the jobs of tomorrow.”

She emphasized the importance of producing low-carbon industrial inputs necessary for increasing renewable energy capacity and supporting the global economy.

Founded in 2008, CIF has received $12.5 billion in pledged support and provides early-stage grants and concessional loans to lure investments with a lower risk appetite.