USAID announced $1.25 million in support for the C40 Cities Finance Facility (CFF) to finance climate adaptation projects alongside the German Development Cooperation, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, and C40. The CFF helps cities finance inclusive and equitable projects that focus on climate change mitigation and resilience.
With this new funding from USAID, the CFF will add up to two additional projects that will focus on urban climate adaptation. These projects are difficult to finance, such as nature-based solutions, especially in resource-constrained developing cities. The CFF advises partner cities on how to structure and mobilize public and private finance for the projects. CFF's portfolio now has 18 projects, six of which are adaptation-related.
USAID previously helped stand up the CFF and fund its pilot projects in 2016. Since its inception, the CFF has mobilized public and private investment for climate-smart infrastructure - with a budget to-date of $49 million that has mobilized $1.1 billion in climate investments. Together with the UK, French and German governments, the multi-donor organization aims to leverage $1 billion of investment by 2025.
