World · Europe · 37 mins ago
CIF names first countries for climate adaptation funding
At COP31 in Antalya, the Climate Investment Funds named the first participants in its ARISE climate adaptation program.
Bangladesh, Haiti, Kyrgyzstan, Morocco and Sierra Leone will prepare investment plans seeking up to $30 million each.
A joint initiative for Mozambique and Malawi can seek up to $40 million for shared projects.
The plans will address risks including coastal damage, floods, droughts and water insecurity, with priorities varying by country.
The program aims to help countries prepare investments to adapt to climate risks, and 40 percent of its funding will go to the private sector.
Germany, Ireland and Spain are backing the first phase, with investments to be implemented alongside six multilateral development banks.
Seventy countries applied, and the selected countries will now develop plans for the proposed investments.
The Climate Investment Funds named five countries and a regional initiative as the first participants in its ARISE climate adaptation program.
The announcement was made at COP31 in Antalya on Nov. 12.
The five countries can seek up to $30 million each to prepare investment plans, while the Mozambique-Malawi initiative can seek up to $40 million.
The program’s first phase is backed by Germany, Ireland and Spain.
CIF said 40 percent of the program’s funding would be allocated to the private sector, with investments implemented alongside six multilateral development banks.
- Who
- The Climate Investment Funds named Bangladesh, Haiti, Kyrgyzstan, Morocco, Sierra Leone and a joint Mozambique-Malawi initiative.
- What
- They are the first participants in CIF’s ARISE climate adaptation program and will prepare investment plans.
- When
- Nov. 12, at COP31.
- Where
- Antalya, Türkiye.
- Why
- The program will support climate adaptation investments; specific priorities include coastal protection, agriculture, water security and resilience to floods, droughts and cyclones.
This story does not have two clearly opposing sides.
Seventy countries applied to the program.
CIF named the first participants at COP31 in Antalya.
The participants will prepare investment plans seeking up to $30 million each for the five countries and up to $40 million for the Mozambique-Malawi initiative.
- Named participants
- Bangladesh, Haiti, Kyrgyzstan, Morocco, Sierra Leone, and a Mozambique-Malawi initiative
- Funding ceiling
- Up to $30 million per country
- Regional initiative ceiling
- Up to $40 million
- First-phase contributors
- Germany, Ireland and Spain
- Private-sector allocation
- 40 percent of program funding
What people are saying
Seventy countries applied. Even the top 25 applications alone represent a portfolio of projects worth $700 million that are ready for urgent investment.