In a significant development, the Climate Investment Funds, a substantial $11 billion multilateral lender collaborating with the World Bank to boost investment in the developing world, has announced the appointment of Tariye Gbadegesin as its new chief executive. Notably, she becomes the first African to assume this leadership role.

Gbadegesin, a dual U.S. and Nigerian national, steps into this crucial position during the week when the COP28 climate talks commence. The move addresses criticisms directed at development banks for predominantly being led by individuals from the Global North.

Commencing her role in March 2024, Gbadegesin brings over two decades of experience in investing in developing economies to the table. Currently serving as the chief executive of ARM Harith Infrastructure Investments, a pan-African infrastructure fund, she succeeds Mafalda Duarte, who departed in July 2023 to head the Green Climate Fund. In the interim, Luis Tineo will serve as the CEO until March 2024.

Gbadegesin, acknowledging the pressing nature of the climate crisis, emphasized, “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.” She expressed optimism about the global community’s efforts to build a multilateral system capable of addressing climate challenges while uplifting millions out of poverty.

The Climate Investment Funds has actively participated in financing initiatives like the retirement of coal-fired power plants in middle-income nations, exemplified by its allocation of $1 billion to the Just Energy Transition Partnerships program, notably in countries such as South Africa and Indonesia.