Concerns have been raised about a projected shortfall of resources for the Clean Technology Fund, with an early warning mechanism due to be discussed. Questions were raised about development benefits of a Colombia project and on safeguards for a Vietnam project.
The Pilot Program for Climate Resilience has invited new countries apply for participation and is also expanding the private sector set-aside to non-PPCR countries. Biodiversity and gender impacts were questioned on a Grenada project and the gender focus on a Haiti project.
Options for potential new funding for the Forest Investment Program have been further elaborated, including priority rankings for current and potential new pilot countries, however, funding constraints remain and many current projects continue to be delayed.
Indicative funding allocations have been agreed for 14 new Scaling up Renewable Energy Program in Low Income Countries pilot countries, however, cautions remained about “unrealistic expectations” about funding availability. Questions were raised about incentives for diesel in a Kenya project.
Notes from a meeting on the financial system and sustainable development during the World Bank/IMF spring meetings.
World Bank continues to promote putting a price on carbon as a key policy to tackle climate change while critics say it is just a new way of promoting failed carbon markets.
Latest update on the World Bank-housed Climate Investment Funds ahead of their November meetings. Covers key trends in projects related to clean technology, resilience to climate change, forests and renewable energy.
Clean Technology Fund (CTF) funding approvals continue to rise, including private sector projects for geothermal energy. Revisions for investment plans were approved for Nigeria and the MENA region, with Libya added as a new country.
Funding shortfalls are predicted for the Pilot Program for Climate Resilience (PPCR), as ideas for potential new funding are due to be discussed.
Disbursement of funds continues to be slow in the Forest Investment Program (FIP). The World Bank has responded to civil society groups’ criticism over the lack of consultation for FIP plans in Indonesia.