The Climate Investment Funds support middle income and developing countries with resources to mitigate and manage the challenges of climate change and reduce emissions. The Clean Technology Fund, the Forest Investment Program, the Pilot Program for Climate Resilience and the Scaling Up Renewable Energy in Low Income Countries Program have allocated USD 7.6 billion to their projects.

Regarding transparency, the funds publish accurate, comprehensive, clear, coherent and timely information on executive functions, projects and programmes, and have begun to publish climate finance information. But there are contradictions between policy documents and information available on the funds’ website. Furthermeore, anticorruption rules and safeguards of downstream actors are not disclosed. Transparency of decision-making committees could be bolstered by web-casting meetings.

Regarding accountability, clear and comprehensive processes are in place to ensure the investigation and sanctioning of the funds’ administrative unit and trustee. However, further rules and procedures are needed regarding committee and committee member behaviour.

Project-level accountability is delegated to the multilateral development banks. The effectiveness of this can only be partially assessed. Most applicable policies are on the funds’ website, although information on application and effectiveness is wanting. Effectiveness is harder to assess further downstream, due to the inconsistent information. Similarly, complaint mechanisms and whistleblower protections beg clarification.

Citizens have a key role guarding against corruption. The funds’ policies are advanced regarding participation, but can be strengthened.

The funds’ documentation is largely silent on fiduciary standards or integrity requirements for the banks. Sanctions for condoning corrupt behavior are also absent.

Read the report (external link to Transparency International)