This 2012 annual report of the Climate Investment Funds (CIF), jointly produced by its partner multilateral development banks, provides an overview of CIF's activities in 49 pilot countries. So far CIF has pledged US $7.6 billion, funding 66 projects in renewable energy, energy efficiency, clean transport, sustainable management of forests and climate resilience. The report includes chapters on: climate resilient development; ensuring Africa's water, food, and energy security; keeping Latin American and Caribbean watersheds in balance; spotlight on climate resilient agriculture; climate proofing infrastructure in Asia; and unlocking the potential of the private sector in adapting to climate change. The 2012 report highlights that CIF's learning-by-doing approach encourages feedback from pilot countries. However, it also notes that better monitoring practices of pilot CIF projects require the enhancement of institutional and organisational frameworks in user countries.