Carbon Market Finance (CMF)
How the International Climate Fund (ICF) is supporting greenhouse gas mitigation and renewable energy generation in low income countries.
CMF has been developed jointly by the Department of Energy & Climate Change and the Department for International Development and in total the UK is contributing 拢50 million over 2013 to 2025 to build capacity and develop tools and methodologies that will help least developed countries, especially in Sub-Saharan Africa, to access finance from the carbon market.
The UK will provide 拢49 million to the World Bank鈥檚 Carbon Initiative for Development (Ci-Dev) to deliver CMF. Ci-Dev will invest in low carbon technologies that deliver community and household level benefits, particularly focused on improving poor peoples鈥� access to clean energy. By successfully demonstrating the ability of carbon finance to deliver low carbon development in least developed countries Ci-Dev hopes to increase future carbon finance flows to these countries.
A further 拢1 million will be used to monitor and evaluate these impacts and capture and disseminate this knowledge. CMF aims to achieve significant development impacts, installing upwards of 165MW of new renewable energy generation, avoiding an estimated 2.6 MtCO2e, and mobilizing 拢982 million of private sector finance into clean technologies.
- More about Ci-Dev on the web page.
- Business case for the World Bank鈥檚 Carbon Initiative for Development