The Climate Investment Funds (CIF), a multilateral fund for climate action in developing countries, will finance nature-based solutions to the climate crisis in Egypt, the Dominican Republic, Fiji, Kenya, among other African countries.
This was announced on the sidelines of COP27, several sovereign donors including Italy, the United Kingdom, and Sweden have pledged more than $350 million to capitalize on CIF’s Nature, People, and Climate (CIF NPC) investment platform, which pilots and scales nature-based climate solutions in developing countries.
“We are thrilled to announce the first participating countries and regions in this new effort to invest in nature holistically, urgently, and at scale. At the Climate Investment Funds, we know few climate solutions are as effective, replicable, or cost-efficient as those we derive from nature itself. They prevent harmful emissions and safeguard communities from climate change impacts all at the same time. Together with partners, we are investing in the success of rural and Indigenous communities, sustainable supply chains, healthier coastlines, and climate-smarter food production. We need to turn the tide and this is an important step in that direction.”Mafalda Duarte, Climate Investment Funds’ CEO.
Egypt is seeking finance to promote sustainable agriculture along the Nile River, the selected countries will begin preparing investment plans against available funding, with implementation expected to begin as early as next year.
The Climate Investment Funds’ NPC will promote and protect natural environments by investing in sustainable agriculture and food supply, healthy forests, and resilient coastal systems.
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