Climate Innovation and Development Fund Project Dates: January 2022 - December 2026
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PROJECT OBJECTIVE

The Climate Innovation and Development Fund (CIDF) is a $25 million, ADB-managed concessional financing fund established with grant commitments from Bloomberg Philanthropies and Goldman Sachs. CIDF has been designed to support climate mitigation and adaptation projects in India and Viet Nam. ADB will deploy funds as grants into its non-sovereign operations to support innovative and high impact climate projects. By offering concessional finance to de-risk projects, the fund aims to leverage up to $500 million in additional financing for private sector innovation in areas such as conventional and non-conventional renewable power generation, sustainable transport, climate-smart urban solutions, grid optimization technology, agriculture and land use, and green manufacturing and construction.

PROJECT DESCRIPTION

Eligible non-sovereign projects in India and Viet Nam will have direct, measurable positive climate-related outcomes (mitigation and/or climate adaptation) that are documented by ADB. The fund will offer grants for high-impact, catalytic projects that demonstrate the need for a portion of concessional financing to reach financial close (i.e., projects that would not proceed solely on a commercial basis). ADB will utilize the fund’s financing for projects that adhere to principles as agreed by development finance institutions on the use of blended concessional finance for private sector projects. These include: (i) rationale for using blended concessional finance, (ii) crowding-in and minimum concessionality, (iii) commercial sustainability, (iv) reinforcing markets and (v) promoting high standards. Eligible project types include: Climate mitigation: solar, wind, hydro, biomass, and geothermal power, energy efficiency, sustainable transport, transmission and distribution, energy storage, energy management and smart metering, land use, agriculture and forestry, wastewater treatment, solid waste management, and the accelerated retirement of coal fired power plants. Climate adaptation: water supply and management, agriculture, forestry, land us


SECTORS OR AREAS OF WORK
  1. Climate finance

KEYWORDS
  1. Climate Finance

Region/Location

BUDGET

USD 25,000,000

DONORS (OR FUNDING /CONTRIBUTING ORGANIZATIONS)
  1. ADB - Asian Development Bank
  2. Bloomberg Philanthropies
IMPLEMENTING AGENCY OR AGENCIES

SUPPORT TYPE
BUDGET

USD 25,000,000

DONORS (OR FUNDING /CONTRIBUTING ORGANIZATIONS)
  1. ADB - Asian Development Bank
  2. Bloomberg Philanthropies
IMPLEMENTING AGENCY OR AGENCIES

SUPPORT TYPE