Innovative Finance Facility For Climate In Asia And The Pacific (IF-CAP) Program:
The Asian Development Bank (ADB) has announced the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) program to accelerate climate change financing in the region.
- IF-CAP is the first-of-its-kind multi-donor financing partnership facility with the goal of scaling-up finance for accelerated action against climate change in Asia and the Pacific.
- Launched on 2 May 2023 ,Owner Asian Development Bank (ADB)
- Initial Partners are Denmark, Japan, the Republic of Korea, Sweden, the United Kingdom, and the United States
- Benefits:
- The multiplier effect of up to $5 in much-needed climate finance for every $1 of guarantees (model of ‘$1 in, $5 out’)
- Financing will help vulnerable countries in Asia and the Pacific region meet their mitigation and adaptation goals.
- Support ADB’s raised ambition for $100 billion in climate finance from 2019-2030.
- Financing Mechanisms are Global Environment Facility (GEF), Green Climate Fund (GCF), Adaptation Fund, and Loss and Damage Fun
- Funding Sources are Bilateral and multilateral sources, the private sector, and philanthropies including the Global Energy Alliance for People and Plane
- The initial ambition of $3 billion in guarantees could create up to $15 billion in new loans for much-needed climate projects across Asia and the Pacific.
