While there is no standard definition of "clean technology," it has been described by Clean Edge, a clean technology research firm, as "a diverse range of products, services, and processes that harness renewable materials and energy sources, dramatically reduce the use of natural resources, and cut or eliminate emissions and wastes." It notes that "Clean technologies are competitive with, if not superior to, their conventional counterparts. Many also offer significant additional benefits, notably their ability to improve the lives of those in both developed and developing countries". Many countries now have cleantech representatives to speak about the countries' problems, including Russia, Japan and China.
The Climate Investment Funds (CIFs) were designed by developed and developing countries and are implemented with the multilateral development banks (MDBs) to bridge the financing and learning gap between now and the next international climate change agreement. CIFs are two distinct funds: the Clean Technology Fund and the Strategic Climate Fund.
The funds were approved by the World Bank Board of Directors in July 2008 and on September 26, 2008 received pledges of US$6.5 billion.
Clean Technology Fund
The Clean Technology Fund (CTF) promotes scaled-up financing for demonstration, deployment and transfer of low carbon technologies with a significant potential for long-term greenhouse gas emissions savings. Innovation and deployment of clean technologies at scale will be central to success.