Why the World Bank Climate Investment Funds Should be Stopped

This briefing by Friends of the Earth International argues against the World Bank's Climate Investment Funds (CIF), claiming the institution is unfit to manage climate finance due to its continued support for fossil fuels and the undemocratic nature of the funds' design.

• The Climate Investment Funds (CIF) are expected to be valued between $7 billion and $12 billion and were originally proposed by Japan, the UK, and the US for approval at the July 2008 G8 summit in Japan.
• The CIF consists of two primary funds: the Clean Technology Fund (CTF), targeting US$5–10 billion to accelerate low carbon growth, and the Strategic Climate Fund (SCF), valued at US$300–500 million for adaptation and mitigation programs, including the Pilot Program for Climate Resilience (PPCR). A third, the Forest Investment Fund (FIF), was planned for late 2008 or early 2009.
• Friends of the Earth International asserts the World Bank is not a credible manager for climate funds because it is the largest multilateral lender for fossil fuel projects, providing approximately $1 billion annually to the oil and gas industry. The document notes that World Bank support for fossil fuel projects increased by 93 percent from US$450 million to US$869 million between financial years 2005 and 2006, while renewable energy and energy efficiency made up only 10 percent of new energy lending in fiscal year 2005.
• The briefing identifies several critical problems with the CIF: it was developed through a top-down process marginalizing developing countries and civil society; it lacks a definition of "clean," potentially funding "clean coal" or carbon capture; it uses repayable loans for adaptation in vulnerable countries, increasing their debt; and it operates outside the United Nations multilateral framework.
• The document advocates for the creation of a multilateral fund for climate change financing under the auspices of the UNFCCC to ensure adequate representation of both developed and developing countries.

APA

Friends of the Earth International (2008). Why the World Bank Climate Investment Funds Should be Stopped. https://www.foei.org/wp-content/uploads/2020/12/Briefer-on-WB-Climate-Investment-Funds_EN.pdf

Chicago

Friends of the Earth International. Why the World Bank Climate Investment Funds Should be Stopped. 2008. https://www.foei.org/wp-content/uploads/2020/12/Briefer-on-WB-Climate-Investment-Funds_EN.pdf.

Wikipedia

{{cite report |author=Friends of the Earth International |title=Why the World Bank Climate Investment Funds Should be Stopped |date=June 2008 |url=https://www.foei.org/wp-content/uploads/2020/12/Briefer-on-WB-Climate-Investment-Funds_EN.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{friendsoftheearthinternational2008why, author = {{Friends of the Earth International}}, title = {{Why the World Bank Climate Investment Funds Should be Stopped}}, institution = {Friends of the Earth International}, year = {2008}, month = jun, url = {https://www.foei.org/wp-content/uploads/2020/12/Briefer-on-WB-Climate-Investment-Funds_EN.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }