Labour Party Presidential candidate in the last Presidential election in Nigeria, Peter Obi has congratulated Nigeria’s investment guru, Tariye Gbadegesin on her appointment as the Chief Executive Officer of the Climate Investment Funds (CIF), as she becomes the first African to occupy the position.
Peter Obi who took to his official social media handle (X) on Monday 4th December 2023, to felicitate with the new CIF Boss, stated that, Tariye as the new CEO, “will lead the CIF in pioneering clean energy transitions, nature-based solutions, and resilience in over 70 developing countries. Tariye’s appointment into this very significant position certainly draws from her many years of experience in climate investment and her verifiable track record of success. Through this feat, she has brought honour to the nation and has added her name among Nigerians enjoying global recognition for their verifiable and legitimate breakthroughs,” he said.
He continued by wishing Tariye the all the best in her new journey, saying:
“I wish her the best on this new journey. I also encourage other Nigerians to continue to work hard in their respective fields of endeavour. Through hard work and dedication to duty, we will build a new generation of Nigerians who believe in legitimate success, working hard to make our dear nation great,” he said.
CIF an $11 billion multilateral lender Climate Investment Funds, which works with the World Bank and others to accelerate investment in the developing world, appointed Tariye Gbadegesin as its new chief executive, last month.
Gbadegesin, a dual U.S. and Nigerian national, was appointed a week before COP28 climate talks kicked off. Development banks have been criticized for being led by people born and based in the Global North.
Gbadegesin will take up her role in March 2024. She has over 20 years of experience in investing in developing economies and is currently chief executive of ARM Harith Infrastructure Investments, a pan-African infrastructure fund.
She replaces Mafalda Duarte, who left in July 2023 to lead the Green Climate Fund. Luis Tineo, interim CEO, will lead CIF until March, 2024.
“Developing countries are at the forefront of the climate crisis, and we will only meet this decisive moment by working together to scale climate finance where it is needed most,” Gbadegesin said in a statement.
“This is an exciting time for the global community, as we seek to build a multilateral system fit for purpose to keep 1.5C alive while lifting millions out of poverty.”
The CIF has been involved in financing the retirement of coal-fired power plants in middle-income nations, such as South Africa and Indonesia through so-called Just Energy Transition Partnerships, allocating $1 billion to the programme.
Gbadegesin is also co-chair of the Voluntary Carbon Markets Integrity Initiative (VCMI) and has worked at the International Monetary Fund, consultants Boston Consulting Group and PwC and the Africa Finance Corp.
“Tariye is a trailblazer, a strategic thinker and relationship-builder with deep expertise, knowledge and experience in climate finance,” said CIF Trust Fund Committee Co-Chairs, Bob Natifu and Edward Webber.
Among the largest multi-lateral climate funds in the world, CIF offers projects highly concessional capital that can leverage development bank and private sector money to fund low carbon, climate-resilient development.
Set up in 2008, the group has mobilised more than $64 billion in additional financing for projects in more than 70 countries, including flagship efforts to retire coal-fired power plants early in countries including Indonesia.
As well as the World Bank Group, including the International Finance Corp, CIF invests through the African Development Bank, the Asian Development Bank, the European Development Bank, and the Inter-American Development Bank.
Gbadegesin will take over the fund after CIF’s capitalization grew by over 35% and launched several strategic initiatives under Duarte’s tenure.
