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Clean Technology Fund:
The Clean Technology Fund is a new multilateral effort (mainly by the Group of Eight countries and the World Bank) led by the United States, United Kingdom, and Japan. It strives to reduce the growth of carbon emissions in the developing world by providing financial assistance to cover the cost differential of clean energy technologies over traditional technologies, thus, accelerating the deployment of clean energy technologies.
The World Bank, which will administer the CTF, officially approved the Climate Investment Funds (CIF) the CTF and the Strategic Climate Fund on July 1, 2008. (The Strategic Climate Fund is broader in scope; it is aimed at increasing climate resilience in developing countries.) The CIF are designed to complement existing international efforts until a new framework under the United Nations Framework Convention on Climate Change (UNFCCC) comes into effect. Assistance through the CIF comes in the form of grants, loans, and/or risk mitigation instruments.
For more information, please go to:
go.worldbank.org
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