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n just two years, the Climate InvestmentFunds have progressed from the initialdesign phase to the implementation of 38 pilots in developing countriesaround the world. At a time of constrained donor resources, these funds have proven that they can generate robustfinancial leverage. The Clean Technology Fund (CTF), a major CIF fund, isprojected to attract US$8 in co-financing for everydollar invested. In other words, it will leverage anadditional US$40 billion on a US$4.3 billioninvestment, with 30 per cent from the private sector.Twelve countries and a regional initiative in the MiddleEast and North Africa are making investments withsupport from the CIF in clean energy and transporttechnologies as an integral part of nationaldevelopment strategies. Nine countries, as well as regional initiatives in theCaribbean and Pacific, are well on their way toboosting climate resilience. Another eight countries are preparing to reduce bothdeforestation and forest degradation, while at the sametime strengthening the sustainable management oftheir forests. And at least six lower income countriesare planning to utilise these funds to catalyserenewable energy markets. The five multilateral development banks (MDBs) thatwe represent are jointly implementing CIF-fundedprogrammes. Because climate change is an importantpart of our core development agenda, the MDBscontribute their own financial resources to theseprogrammes. Other development partners - the UNand bilateral agencies, civil society organisations,indigenous groups, local communities, and the privatesector - play a role in governance and, perhaps moreimportantly, engage with country partners. The design of these funds presents a new model fortransparency, cooperation, and scaling-up climateaction. The unique governance structure fostersinclusion and consensus-based decision-making. An equal balance of developed and developingcountries are represented on the governing bodies and a broad array of institutional, civil society, private sector, and indigenous stakeholders activelyparticipate as observers.Over the next years, work under the Clean TechnologyFund is expected to help reduce approximately 1.5million tonnes of CO2, roughly comparable to a third ofthe annual emissions of the European Union, or all ofthe annual emissions of Sub-Saharan Africa. As theydevelop, other CIF programmes have the potential forsimilar climate impacts. Thirteen contributor countries are making thismomentum possible. As of September 30, 2010,pledges totaled more than US$6.4 billion. We thankthem for their support of this innovative project. Climate change is one of the most challenging global issues of the twenty-first century. Thepartnership that forms the CIF is helping to catalyse real climate action. nThe above statement is the foreword to "Creating aClimate-Smart World: 2010 Climate InvestmentFunds Annual Report".CLIMATE INVESTMENT FUNDSJOINT STATEMENT BY034FINANCEDONALD KABERUKA, PRESIDENT, AFRICAN DEVELOPMENT BANK HARUHIKO KURODA, PRESIDENT, ASIAN DEVELOPMENT BANK THOMAS MIROW, PRESIDENT, EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENTLUIS ALBERTO MORENO, PRESIDENT, INTER-AMERICAN DEVELOPMENT BANKROBERT B. ZOELLICK, PRESIDENT, WORLD BANK GROUPIAsian Development BankInter-American Development BankWORLD BANK GROUP

ABOUT CLIMATE INVESTMENT FUNDS CIF'S STRUCTURECIF's unique financial architecture rests on two trustfunds: the Clean Technology Fund and the StrategicClimate Fund:The Clean Technology Fund finances the scaled-updemonstration, deployment, and transfer of cleantechnologies. The focus is on piloting investments incountries or regions that have the potential forsignificant greenhouse gas abatement. The Strategic Climate Fund finances targetedprogrammes that pilot new approaches with thepotential for scaling up. The SCF includes the Pilot Programme for Climate Resilience, the Forest Investment Programme, and the Scaling-Up Renewable Energy Programme in Low-Income Countries.WHAT CIF BRINGS TO THE TABLE. Has the potential to serve as a global knowledgeportal on climate action.. Designed as a unique partnership that builds on theMDBs' extensive experience in countries andregions and their ability to ensure the rapid use of funds.. Puts countries in the driver's seat and integratesinvestment programmes with national developmentstrategies.. Dispenses funds quickly and leverages significantfinancing from other sources.. Presents an opportunity to scale up financing forclimate resilient, low- carbon development.. Supports transformational change in climate actionat the policy, institutional, and market levels.. Provides scaled-up resources to selected pilotcountries to achieve rapid results on the ground.. Represents recipient and contributor countriesequally on CIF governing bodies.. Involves a full range of stakeholders, includingdeveloping country governments, MDBs, otherdevelopment partners, civil society, indigenouspeoples, local communities, and the private sector.FINANCE035