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As one of the world’s largest sources of multilateral climate finance, the Funds include the Clean Technology Fund (CTF) for climate mitigation in middle-income countries and the Strategic Climate Fund (SCF) for building climate resilience and investing in forestry and renewable energy in low-income countries.
The EBRD has been a partner of the CIF since 2008, implementing sustainable energy solutions, such as for district heating, energy efficiency, renewables, waste processing, and climate-resilience measures. This collaboration allows the EBRD to amplify its funding and blend finance to reduce investment risk. It also enables the Bank to attract private sector co-investment to projects that might otherwise struggle to secure support.
To date, the top five sectors in the CIF and EBRD partnership are: renewable energy, financial institutions, waste minimisation, energy efficiency and industrial decarbonisation.
An example of the impact of this partnership is the EBRD’s work with the CIF to support renewable energy projects in Kazakhstan, which are key to the country’s energy transition plans. In addition, through the CIF’s Pilot Program for Climate Resilience, the EBRD has worked to integrate climate resilience into infrastructure and water-management projects, addressing vulnerabilities in Central Asia, particularly in Tajikistan.
The EBRD has also been a strong supporter of the Industry Decarbonization investment programme to help decarbonise hard-to-abate industries and create a path towards green industrial production. In 2024, the CIF announced a US$ 70 million investment plan for Türkiye. The plan is set to boost the country’s power transmission system, mobilise an additional US$ 1 billion in climate finance, and help realise one of the world’s most ambitious clean-energy scale-ups. This injection of concessional finance from the CIF Renewable Energy Integration programme is designed to contribute to the green expansion of Türkiye’s energy system. The plan was developed together with the Turkish government and in collaboration with the EBRD and the World Bank Group.
The climate finance gap remains huge, with USD trillions in climate finance needed annually. Towards this end, the so-called CIF Capital Markets Mechanism (CCMM) was launched in 2024 under the CTF to capitalise itself through issuing bonds in the capital markets. Listed at the London Stock Exchange, its inaugural bond raised USD 500 million and was over six times oversubscribed. Overall, CCMM will help to provide critical liquidity and increase the speed and scale of finance to address the climate crises. Being the first of its kind, CCMM will set a new standard for innovation within the broader climate finance landscape, and it is a key priority for many of the Bank’s donors and shareholders.