At the 2005 G8 Summit in Gleneagles the UK championed the Clean Energy Investment Framework (CEIF), which commits the World Bank and other multilateral development banks (MDBs) to increase their investment in renewable sources of energy. Our longer term objective is for global carbon markets to act as the primary driver of investment in sustainable energy sources in developing countries.
The UK will be one of the major contributors to the Clean Technology Fund (CTF), which will provide additional resources, via the multilateral development banks, to help developing countries pilot new approaches for the demonstration and deployment of low carbon technologies. The CTF is part of the newly created Climate Investment Funds (CIFs), and will be capitalised from the UK's £800 million Environmental Transformation Fund. The Department for International Development (DFID) also provides core funding to the World Bank's Energy Sector Management Assistance Programme (ESMAP) and the Global Village Energy Partnership (GVEP).