Africa | Regional

Evaluation of Carbon Market Finance Programme

Clients: Department for International Development

LTS is conducting an independent programme-level evaluation of the Carbon Market Finance Programme (CMFP).

The CMFP is an innovative programme providing £50 million from the International Climate Fund (ICF) over the period 2013 to 2025. It is funded jointly by the UK’s Department for International Development (DFID) / Department of Energy and Climate Change (DECC) and administered by the World Bank.

The programme aims ‘to increase the flow of international carbon finance to Least Developed Countries (LDCs) – with a focus on Africa – to support climate change mitigation and poor peoples’ access to clean energy and other poverty reducing technologies.’

  • The CMFP is being implemented through the World Bank’s (WB) Carbon Initiative for Development (Ci-Dev) programme.
  • The programme is developing capacity, tools, pilot programmes and methodologies to increase energy access in LDCs using clean and efficient technologies.
  • LTS is leading the evaluation, partnering with Ecofys, and reporting primarily to the DFID/DECC evaluation management group, and also to the evaluation reference group which includes Ci-Dev partners.


The programme is complex, long-term, operates in a new market area, is innovative and involves multiple partners. Independent evaluation is thus required to assess progress of the programme towards objectives; enable real-time learning and programme management adjustments; capture lessons; evaluate and demonstrate impacts and test the effectiveness of carbon markets to incentivise greater investment in low carbon technologies and reduce poverty.


Given the uncertainty around carbon markets, the evaluation is taking a flexible approach that allows it to adapt to the changing environment over the next decade. The learning aspect of the evaluation is important, and we are using a mix of theory-based, participatory, utilisation focused and case study approaches to achieve this. The emphasis of the evaluation is likely to evolve, from relevance to efficiency and effectiveness and then to impact and sustainability, putting the emphasis of each evaluation on a different set of evaluation questions/sub-questions. This is appropriate to the nature of the programme, allowing us to use the Theory of Change as the foundation, but to draw on other design elements to help answer the evaluation questions at the right points through the evaluation process.

Value and benefits

The aim is to provide a high-quality evaluation that will enable DFID, DECC, the Evaluation Management Group, the Reference Group, the programme staff at the Ci-Dev to improve the performance and effectiveness of the programme and demonstrate impact. It is expected that other donors (World Bank, Sweden, Swiss Cent Foundation) and stakeholders (UNFCCC bodies, the carbon industry bodies and recipient representatives) will also use the findings within international policy processes, and to strengthen their own M&E frameworks.

Key Staff