The purpose of this learning brief is to share lessons and insights on how climate-related investments can support countries’ COVID-19 recovery efforts, drawing on recent evidence and experience in the Climate Investment Funds (CIF). The brief aims to inform climate finance and other development policymakers and practitioners by providing insights on how programs and investments can boost green economic recovery, strengthen policies and institutions, and support vulnerable populations and social inclusion.
The COVID-19 pandemic and related economic crisis have drastically changed the context in which efforts to combat climate change are taking place. Climate and other development-related finance must adapt to stay relevant and effective in supporting the recovery efforts of countries within this context. This requires new ways of thinking and innovation in how investments are designed and implemented. Maximizing the economic, social, environmental, and institutional impacts of these investments is critical.
CIF’s implementation experience over the past decade demonstrates that climate investments can contribute immensely to countries’ COVID-19 recovery efforts by supporting governments and others to simultaneously advance socioeconomic development and climate goals. The extent to which future investments can optimize these contributions will help determine our collective ability not only to address climate change, but also to implement green COVID-19 recoveries that pave the way for a more sustainable and prosperous future for all.