Progress in making ambitious emission reductions has been slow to-date. Climate finance can play a crucial role in assisting developing countries in making the transition to more environmentally sustainable systems of energy production and use, while also addressing developmental priorities of energy security and energy poverty. Currently, the largest sources of international public finance for climate mitigation in developing countries are the World Bank administered Clean Technology Fund (CTF) and the Global Environment Facility (GEF), while the EU’s Global Energy Efficiency and Renewable Energy Fund (GEEREF) and the World Bank’s Scaling up Renewable Energy Program (SREP) provide mitigation financing on a smaller scale. Now operational, the Green Climate Fund (GCF), will increasingly become a major source of mitigation finance. Currently about 53% of the financing approved since 2003 flowing from the dedicated climate finance initiatives that CFU monitors is approved for mitigation activities (excluding REDD+), largely to support the development and deployment of renewable energy and energy efficiency technologies in fast growing countries. The amount of total finance approved for mitigation from climate funds is USD 9.1 billion as of December 2017.
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