CTF aims to address the significant financing gap for energy transitions by mobilising capital at scale and directing it towards high-impact programmes. Credit: Yuri Hoyda/Shutterstock.

The Climate Investment Funds (CIF) capital markets mechanism (CCMM) has made its market debut with an inaugural bond that raised $500m.

CCMM is positioning itself as an innovative issuer focused on mobilising finance for climate action and sustainable development.

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The debut bond was six times oversubscribed, backed by an impressive order book exceeding $3bn from global investors.

The three-year bond marks the first issuance under CCMM’s borrowing programme, following the announcement of its listing in November 2024 at COP29.

Climate Investment Funds CEO Tariye Gbadegesin stated: “Today is a historic moment for climate finance. The inaugural CCMM bond issue has exceeded all expectations, with our order book over six times over-subscribed.

“This is an enormous vote of confidence and a sign of the keen market interest in backing high-quality clean energy projects. These bonds will multiply the funds available for scaling-up clean technology and infrastructure in developing countries – not in ten years, but now, when it’s most critically needed.”

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Final pricing for the bond was fixed at +36.6 basis points over the three-year US Treasury, resulting in a re-offer semi-annual yield of 4.838% and a re-offer price of 99.757% for the bonds.

The bond will be admitted to trading on the London Stock Exchange’s international securities market.

CCMM aims to accelerate climate funding by frontloading future reflows from CIF’s Clean Technology Fund (CTF)-funded operations.

Introduced at COP26, CCMM supports CTF projects in developing countries with a focus on low-carbon technologies such as renewable energy, energy efficiency, sustainable transport, green supply chains and industry decarbonisation.

The World Bank serves as CCMM’s treasury manager, as well as trustee and host of the Secretariat for the CIF.

World Bank Group managing director and chief financial officer Anshula Kant stated: “We are grateful for the global support from investors to successfully launch this inaugural bond.

“By helping mobilise private capital, this ambitious programme will contribute financing to clean energy projects and investments in emerging economies, building a sustainable future for all.”

CTF aims to address the significant financing gap for energy transitions by mobilising capital at scale and directing it towards high-impact programmes.

CIF funding is exclusively channelled through six triple A-rated multilateral development banks that act as the implementing entities of the CTF.