The European Investment Bank (EIB) and Allianz Global Investors will launch a EUR 500 million fundraising operation to strengthen climate change mitigation and adaptation in developing countries.
The fund, called Emerging Market Climate Action Fund (EMCAF), was announced during COP26 climate talks in Scotland to bring together public and private investors – increasingly seen as a key way to help the world achieve its climate goals.
The initiative will also see the participation of the German and Luxembourg governments, the Nordic Development Fund, AllianzGI’s parent company, Allianz, and Swedish insurer Folksam, as other investors.
For the initiators, the fund, which will invest in other climate-focused funds and projects, aims to become a ‘flagship impact investing initiative’, an investment style that aims to track and measure impact. of the projects it supports.
According to a joint press release published on Monday, November 8, EMCAF “hopes to launch climate projects in Africa, Asia, Latin America and the Middle East, particularly in renewable energies such as solar and wind energy, energy efficiency in housing or industry, and adapting infrastructures to make them more resilient ”.
