SPATH

Aaron Kaah Yancho

The World Bank launched a set of Climate Investment Funds (CIFs) in 2008 which included adaption, forestry, funds for clean technology and renewable energy. The bank pointed out that CIF was needed for the mobilization of large sums of money through provision of public funds to influence much greater volumes of private finance, however, a study funded by the Swedish Energy Agency and Swiss Secretariat for Economic Affairs found supporting claims to be exaggerated. For example, World Bank’s Clean Technology Fund (CTF) self-reported of 2.6. An in-depth examination of a CTF project in Turkey by the Berne Declaration found that the fund ‘failed in its key promise to bring in additional money from the Turkish government and multilateral sources.’ Move over, statistics showed that the amounts transferred by the World Bank to developing countries turned to be very low as compared to other institutions. For instance, Adaptation Fund(2015)conducted an analysis projects funded by Adaptation Fund between 2012 and 2015 in developing countries. The analysis showed that the World Bank had transferred only 17% of the amount that they had committed.