Climate finance highlights since July 2013

Climate finance highlights since July 2013

Climate Funds Update data is now current as of October 2013.  This brief note highlights new developments including pledges, approvals, and disbursements.

New Climate Finance pledges July 2013 – November 2013:

Pledges and deposits have been fairly static. The US has made the largest new deposits of USD 176 million to the Clean Technology Fund (CTF). The UK has also increased its deposit to the CTF by USD 7 million since June 2013, but no other significant changes have been registered for other countries.

New approvals and disbursements July 2013 – November 2013:

Funds are getting down to work, and USD 1.2 billion was approved for new projects since July,   although only about USD 195 million was disbursed.

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  • Mitigation funds have been most active, in particular the CTF with USD 835 million of new funding approved, primarily targeting India through three concessional loans financing a large-scale solar park in Rajasthan, a national energy efficiency programme, and hydropower development in Himachal Pradesh
  • The GEF5, under the UNFCCC, also approved a considerable amount of funding (USD 125 million) for 41 new projects in 10 different countries. Mexico received the largest new approval with a USD 17 million grant for the Sustainable Energy Technology Development project.
  • The Pilot Program for Climate Resilience (PPCR) approved additional US$ 200 million for adaptation finance for 8 full size projects and 6 project preparation grants.  The largest project is the US$ 45 million for Strengthening the Resilience to climate change in the Rio Grande Basin and National capacity for Managing Climate change in Bolivia;
  • Finally, about USD 48 million of new REDD+ finance has been approved by the Amazon Fund and the Congo Basin Forest Fund (CBFF).

For an overview of key trends in dedicated climate finance in 2013, please take a look at the ODI HBF report 10 Things to Know About Climate Finance in 2013. CFU users may also be interested in our review of lessons from the Fast Start Finance period for long term climate finance, and our studies of the effectiveness of multilateral climate funds.