The Decarbonization Program will not only help curb emissions but also to drive sustainable growth, create green jobs, and enhance global competitiveness in climate-smart industries. Photo from Pexel
Egypt, Namibia, and South Africa have been invited to join Brazil, Mexico, Türkiye, and Uzbekistan in the Climate Investment Funds’ (CIF) groundbreaking $1 billion Industry Decarbonization investment program.
This initiative is the first global concessional finance program dedicated to reducing industrial greenhouse gas (GHG) emissions in developing countries.
By harnessing this program, these countries are leading the charge on low-carbon industrial transformation and green job creation.
This will position them for long-term economic competitiveness and enable them to take advantage of the global market for green industrial goods, which is projected to reach $2 trillion by 2030.
“Decarbonizing Industry is about more than emissions – it’s about securing long-term prosperity and the jobs of tomorrow. And it’s about producing the low-carbon industrial inputs that are urgently needed to expand renewable energy capacity and power the global economy,” Tariye Gbadegesin, CEO of CIF.
The seven countries will collaborate with multilateral development banks and private sector partners to develop investment plans.
These plans will be submitted to CIF’s Governing Board for endorsement.
Upon approval, they will gain access to highly concessional funding to scale up clean and circular technologies—such as green hydrogen, waste heat recovery, and low-carbon materials like steel, aluminum, and cement—that are critical to the global energy transition.
CIF’s Governing Board selected these seven countries from a pool of 26 applicants, following evaluation by an independent expert group.
The selected countries demonstrated strong private sector engagement, institutional readiness, and clear commitment to industrial decarbonization.
“As one of the fastest-growing regions after Southeast Asia—with a relatively clean baseline—Africa is uniquely positioned to leapfrog towards a zero-emission, climate-resilient future. Investing in Africa’s decarbonization sector offers high-impact, efficient, and inclusive outcomes,” commented Anthony Nyong, Director for Climate Change and Green Growth at the African Development Bank (AfDB).
“The Bank commends Egypt, Namibia, and South Africa for being among the first African countries considered eligible for support under the CIF’s Industry Decarbonization investment program,” he added.
In line with the program’s design, invited countries have already begun unprecedented engagement with the private sector.
The program allows up to 100 percent of financing to be directed toward private sector-led projects or those attracting significant private co-investments, with a mandatory minimum allocation of 50 percent.
Additionally, the program focuses on safeguarding and reskilling the workforce, ensuring vulnerable communities are supported and workers are equipped to seize future-proof, green job opportunities.
The Industry Decarbonization investment program is part of CIF’s $9 billion Clean Technology Fund (CTF).
CTF is underpinned by the CIF Capital Markets Mechanism (CCMM), a first-of-its-kind instrument mobilizing private capital to advance countries’ priorities for sustainable, inclusive, and resilient development.
CTF routinely achieves particularly high co-financing ratios and strong private sector engagement – overall, $1 invested by CIF is expected to generate $12 in financing.
As Egypt, Namibia, and South Africa take their place alongside Brazil, Mexico, Türkiye, and Uzbekistan in this landmark initiative, they position themselves at the forefront of a global shift towards green industrial economies.
This collaboration promises not only to curb emissions but also to drive sustainable growth, create green jobs, and enhance global competitiveness in climate-smart industries.
About CIF
The Climate Investment Funds (CIF) is one of the world’s largest climate finance mechanisms for developing countries.
Established in 2008, CIF partners with multilateral development banks to support transformative climate action by providing highly concessional, risk-tolerant funding.
It drives investments across clean energy, resilience, nature-based solutions, and industry decarbonization.
To date, CIF has mobilized over $65 billion in co-financing for climate-smart development in more than 70 low- and middle-income countries.
