The Road to the SDGs

X Since its inception, GIF has approved 88 activities in 46 countries, which are expected to mobilize US$ 69 billion in total investments, including US$ 46 billion from the private sector. About 21% of GIF’s approved funding targets least- developed countries. X Many GIF projects contribute to SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action). More than 45% of GIF-approved funds are for energy and almost 70% for climate-smart projects. The Green Climate Fund X As an accredited partner of the GCF, IsDB will attract financing for green infrastructure projects in its MCs while ensuring that identified and structured projects are aligned with the requirement for green infrastructure. The GCF is the world’s largest dedicated fund helping developing countries to reduce greenhouse gas emissions and enhance their ability to respond to climate change. Set up by the United Nations Framework Convention on Climate Change in 2010, the GCF has a crucial role in serving the Paris Agreement, supporting the goal of keeping average global temperature rise below 2°C. It does this by channelling climate finance to developing countries that have joined other nations in committing to climate action. X Responding to the climate challenge requires collective action from all countries, including by both public and private sectors. Among these concerted efforts, advanced economies have agreed to jointly mobilise significant financial resources. Coming from a variety of sources, these resources address the pressing mitigation and adaptation needs of developing countries. X The GCF launched its initial resource mobilisation in 2014, and rapidly gathered pledges worth US$ 10.3 billion. These funds come mainly from developed countries, but also from some developing countries, regions, and one city. X GCF’s activities are aligned with the priorities of developing countries through the principle of country ownership, and the GCF has established a direct access modality so that national and subnational organisations can receive funding directly, rather than only via international intermediaries. X The GCF pays particular attention to the needs of societies that are highly vulnerable to the effects of climate change, in particular Least Developed Countries, SIDS, and African States. X GCF aims to catalyse a flow of climate finance to invest in low- emission and climate-resilient development, driving a paradigm shift in the global response to climate change. X GCF’s innovation is to use public investment to stimulate private finance, unlocking the power of climate-friendly investment for low emission, climate resilient development. To achieve maximum impact, GCF seeks to catalyse funds, multiplying the effect of its initial financing by opening markets to new investments. ACHIEVEMENTS X IsDB has already started sharing experience and knowledge with GIF and the GCF in anticipation of closer collaboration in the near future. A knowledge session on GIF products and instruments was conducted at the IsDB HQ in February 2020. GIF Head, Mr. Jason Lu, made a presentation to IsDB staff and held meetings with IsDB management. X In November 2020, IsDB and the GCF concluded discussions on a roadmap for collaboration between the two institutions which details various areas of cooperation with identified deadlines to achieve tangible outcomes. INVESTMENT X As an accredited technical partner, IsDB will benefit from a variety of GIF products covering the whole spectrum of project preparation and financing process starting from a programme definition/enabling environment, including project preparation/ investment feasibility as well as transaction design/implementation and post-transaction financing. X Once accredited with the GCF, IsDB will be able to mobilise funding for initial analyses of projects through the Readiness and Preparatory Support Programme and to attract financing for bankable infrastructure projects once they reach the market. G L O B A L I N F R A S T R U C T U R E F A C I L I T Y More than 45% of GIF-approved funds are for energy and almost 70% for climate-smart projects G R E E N C L I M A T E F U N D The GCF launched its initial resource mobilisation in 2014, and rapidly gathered pledges worth US$10.3 billion [ 157 ] T H E R O A D T O T H E S D G s | P R O G R E S S A N D A C H I E V E M E N T S