/Climate Innovation and Development Fund

The Climate Innovation and Development Fund or CIDF is a concessional financing fund established with grant commitments from the Bloomberg Family Foundation Inc. and the Goldman Sachs Charitable Gift Fund. The fund’s purpose is to support sustainable low-carbon economic development in developing countries in South and Southeast Asia by increasing the pace, scale, and ambition of climate solutions and contributing to the clean energy transition. The CIDF is designed to support climate mitigation and adaptation projects in India and Viet Nam. By offering concessional finance to de-risk projects, the fund aims to leverage up to $500 million in additional financing for private sector innovation in areas such as conventional and nonconventional renewable power generation, sustainable transport, climate-smart urban solutions, grid optimization technology, agriculture and land use, and green manufacturing and construction.

The CIDF was approved in 2022 in response to the growing need for additional finance for private entities developing climate solutions in emerging markets. The Bloomberg Family Foundation, Inc. and Goldman Sachs Charitable Gift Fund each contributed $12.5 million as nonrefundable philanthropic grants to the fund as provided in the funding agreement with ADB.