SCF meaning in Business ?
Answer: What is Strategic Climate Fund mean?
The Climate Investment Funds (CIF) is one of the world’s largest multilateral funds working to pilot and scale climate solutions in developing countries. Established at the request of the G8 and G20 in 2008, CIF administers a collection of programs that help resource-strapped nations fight the impacts of climate change and accelerate the shift to a low-carbon economy. Through contributions from 14 donor countries, CIF is supporting more than 350 projects in 72 low and middle-income countries on the frontlines of the climate crisis.
The CEO is Mafalda Duarte, a Portuguese national.
CIF partnerships have channeled more than $60 billion from governments and the private sector to projects such as the world’s largest solar park, the first geothermal power plant in South America, and investments in Mexico’s wind power industry. CIF directly supports 10 of the UN’s 17 Sustainable Development Goals (SDGs).
CIF works in partnership with governments, the private sector, civil society, local communities, and six major multilateral development banks (MDBs) to develop innovative climate solutions. CIF provides highly competitive financing that reduces risk for investors, lowering barriers to piloting new clean technologies, scaling up proven solutions, opening up sustainable markets, and mobilizing private sector capital for climate action. Rallying MDBs and businesses behind increasingly ambitious climate goals and complementary action, CIF draws in diverse partners who might otherwise be deterred from investing alone. Every dollar of CIF financing unlocks over $8 in additional finance from partners.
Independent evaluations have shown that CIF has succeeded in accelerating progress toward a climate- smart future that leaves no one behind, particularly in the areas of clean technologies, energy access, climate resilience, and sustainable forests. Now, after widespread consultation to identify the next frontier of climate challenges, CIF is pioneering investments in five new areas: the transition from coal, climate- smart cities, nature-based solutions, industry decarbonization, and renewable energy integration. In 2021, the G7 announced a commitment to provide up to $2 billion in additional resources for CIF.
CIF investments are overseen by a governing board that gives equal authority to donor and recipient countries with input from official observers representing the private sector, civil society, and indigenous peoples. All programs and operations are bound by a commitment to gender equality, empowering women to overcome social and other barriers to address climate change and take leadership in climate action. In addition, CIF’s Just Transition Initiative is one of the first of its kind to put fairness at the center of climate finance.
CIF comprises two funds, the Clean Technology Fund and the Strategic Climate Fund.
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