December 2024, COP29, Azerbaijan – Tariye Gbadegesin, the Chief Executive Officer of the Climate Investment Funds (CIF), shared his insights on two critical climate issues during a busy weekend at COP29. His statements underscored the urgency of tackling industrial emissions and promoting clean cooking solutions, both of which have significant implications for the climate and global health.
Decarbonizing Industry: A Vital Climate Strategy
Addressing the pressing challenge of decarbonizing industry, which accounts for 25% of global greenhouse gas emissions, Gbadegesin emphasized the need for rapid action. He highlighted the importance of fast-tracking decarbonization strategies and bringing promising low-carbon technologies to the market. “We need to accelerate the transition to cleaner, greener industries,” said Gbadegesin.
In support of this goal, CIF is a proud partner in the newly launched Global Matchmaking Platform. This initiative, which was unveiled on Friday at the conference, aims to connect developing countries with the necessary finance and technical assistance to implement decarbonization strategies. Gbadegesin explained that the platform is in perfect alignment with CIF’s own program, which focuses on accelerating the decarbonization of industries in developing regions.
Clean Cooking: Dual Climate and Health Benefits
Gbadegesin also addressed the importance of clean cooking, which is both a climate and health target. “Universal access to clean cooking can prevent 1.5 gigatons of CO2 equivalent emissions while providing substantial health, equality, and biodiversity benefits,” he explained. This dual benefit of clean cooking not only tackles climate change but also improves public health and empowers vulnerable populations.
At COP29, Gbadegesin participated in a vibrant event hosted by the International Energy Agency (IEA) and the Azerbaijan Presidency. The session provided a platform for CIF to share its experiences in financing clean cooking projects across developing nations. Gbadegesin expressed gratitude to CIF’s international partners—including India, Ghana, Uganda, Zambia, Kenya, the Netherlands, the UK, the US, France, Namibia, Tanzania, and Brazil—for their collective efforts in addressing this urgent global issue.
Strengthening Partnerships and Innovations in Climate Finance
The CIF CEO also took time to appreciate the support of the International Finance Corporation (IFC), led by Makhtar Diop. He conveyed his thanks for the IFC’s contribution to the successful implementation of CIF’s Capital Markets Mechanism, which aims to leverage private sector investments for climate projects in developing countries.
Additionally, Gbadegesin shared his excitement about meeting Habiba Ali, CEO of SOSAI Renewable Energies Company, at the conference. They discussed Ali’s innovative work in making energy more affordable, efficient, and sustainable. “Her vision for energy access is inspiring, and CIF is committed to supporting such visionary leaders in our shared goal of building a sustainable future for all,” Gbadegesin remarked.
With his remarks at COP29, Gbadegesin reinforced CIF’s ongoing commitment to driving impactful climate solutions that benefit both the planet and the global community, especially in developing nations. The conversations and collaborations at the event have set the stage for future progress in industry decarbonization and clean cooking initiatives.
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