Apr 12, 2023
Today, the Climate Investment Funds’ (CIF) CEO Mafalda Duarte, and the United Nations Framework Convention on Climate Change’s (UNFCCC) Executive Secretary Simon Stiell, signed a Memorandum of Understanding (MoU) in order to establish a framework for future cooperation between UNFCCC, the Secretariat (i.e., the Kyoto Protocol and the Paris Agreement), and CIF. Points of common interest, which will benefit from collaboration and knowledge sharing among the parties, include the functioning of multilateral climate funds; mobilization and delivery of climate finance, and policy support for climate action.
CIF is a leading multilateral climate finance partnership that supports climate action in low- and middle-income countries through concessional finance for climate objectives, such as shifting to low carbon and building resilience to climate change. Through CIF’s expertise and UNFCCC’s objective to stabilize greenhouse gas concentrations in the atmosphere, the partners are looking to build a leadership approach that will enable them to amplify the goals of the Paris Agreement; exchange consultation; and recognize supreme achievements at conferences, events, and workshops.
“UNFCCC goals have guided and been supported by CIF investments from the beginning. Through this new partnership, CIF and UNFCCC are poised to enhance their collaboration in support of climate action across the developing world,” said Mafalda Duarte
Response to the global threat of climate change requires ambitious, forward-looking, and fair solutions. Until the expiration of the MoU at the end of 2027, CIF and UNFCCC will have the opportunity to explore collaboration possibilities in crucial areas, including climate finance, climate change mitigation and adaptation, and stakeholder engagement. The partners will have the privilege to focus, among others, on mobilizing and delivering public and private sector resources; strengthening the adaptive capacities and resilience of the most vulnerable populations, who are on the frontlines of the climate crisis; and supporting inclusive and accountable governance mechanisms that engage non-state actors, with particular attention on women, youth, and indigenous people.
Under the MoU, CIF and UNFCCC intend to work collaboratively to address climate change challenges and solutions, and support developing countries to reduce their emissions through technical and financial mechanisms, which will help facilitate a fair and equitable transition into decarbonized development initiatives. The partners will raise awareness of multilateral climate funds and support the work of subsidiary financial instruments, such as the Standing Committee on Finance, which assists in the operations of the Financial Mechanism of the Convention.
The overall goal of the MoU is to demonstrate the partners’ commitment to work together towards maintaining the temperature increase to 1.5 degrees Celsius, while highlighting efforts that enhance, for example, nature-based solutions, local knowledge, and climate-smart urbanization. Thanks to the MoU, CIF and UNFCCC will create synergy through unique perspectives and expertise, strengthen capacity building, and increase their impact by reaching a wider audience and a diverse range of stakeholders.
