TheCable

Tariye Gbadegesin, a Nigerian-US national, has become the first African to be appointed as the chief executive officer (CEO) of Climate Investment Funds (CIF).

CIF was established in 2008 to mobilise concessional finance for low-carbon, climate-resilient development at scale and has sourced more than $64 billion in additional financing to date.

In a statement on Monday, the organisation said Gbadegesin, who is currently the chief executive of ARM Harith Infrastructure Investments, a pan-African infrastructure fund, will begin her role in March 2024.

Bringing over 20 years of experience in investing in developing economies, she will be leading one of the world’s largest multilateral climate funds with over $11 billion pledged, pioneering clean energy transitions, nature-based solutions and resilience in over 70 developing countries.

“The Trust Fund Committee of the Climate Investment Funds (CIF) announced today the appointment of Tariye Gbadegesin as Chief Executive Officer, effective March 2024,” the statement reads.

“Tariye will lead one of the world’s largest multilateral climate funds with over $11Bn pledged, pioneering clean energy transitions, nature-based solutions and resilience in over 70 developing countries.

“She joins CIF after holding leadership positions in infrastructure and climate finance as the CEO of ARM-Harith Infrastructure Investments, a leading Pan-African infrastructure fund investing in energy transition and climate resilient infrastructure, and as the Co-Chair of the Voluntary Carbon Markets Integrity Initiative (VCMI), an international organization enabling high-integrity voluntary carbon markets for climate action.”

In her response, Gbadegesin said she is “deeply honoured” and will work to scale climate finance for developing countries.

“I am deeply honored to join the Climate Investment Funds to accelerate collective climate action. 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.

“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. With six multilateral development bank partners and 15 years of experience delivering pioneering climate finance, CIF is uniquely placed to deliver in this new era.”

Bob Natifu and Edward Webber, CIF Trust Fund committee co-chairs, said Gbadegesin was selected following a highly competitive international recruitment process featuring outstanding global climate leaders.

Natifu and Webber added that they have no doubt that she will drive the vision needed to deliver climate action for the planet.

“Tariye is a trailblazer, a strategic thinker and relationship-builder with deep expertise, knowledge and experience in climate finance. We have no time to lose, and she brings the drive and vision needed to deliver now for our planet,” they said.

Gbadegesin replaces Mafalda Duarte, who left CIF in July to lead the Green Climate Fund.