The United States and Nordic countries launch joint funding initiative to increase climate investments in emerging and developing markets: World Climate Foundation
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It is a partnership between the United States Agency for International Development (USAID), the Ministry for Foreign Affairs of Sweden and the Swedish International Development Cooperation Agency (Sida), the Ministry of Foreign Affairs of Denmark and Investment Fund for Developing Countries (IFU) and the Ministry of Foreign Affairs of Finland. Dialogues with additional donor countries are ongoing and the initiative welcomes new partners. World Climate Foundation is acting as IMCA's Operating Partner, with support from the Climate Investment Coalition. IMCA will collaborate with an Asset Owner Advisory Board for technical support on scoping of possible transactions and private finance incentives, and then engage with leading asset managers on calls for blended finance vehicle origination and asset owners for financial pledges.
"USAID is very pleased to join with our Nordic partners to mobilize catalytic climate funding that will target both the most pressing needs and the greatest opportunities in addressing the crisis. We are proud to have structured one collaborative blended finance facility focused on the energy transition in high-emitting countries and another to address critical gaps in adaptation finance for vulnerable countries. In 2024 and beyond, we look forward to encouraging the finance sector to do even more to mobilize and scale financing for other critical climate priorities such as nature-based solutions and biodiversity conservation," Gillian Caldwell, Chief Climate Officer, USAID.
At today's launch, IMCA issued a call for proposals under the PREPARE Adaptation Finance Window, an initiative under the USAID Climate Finance for Development Accelerator. IMCA is seeking to mobilize up to US$500 million in private capital for climate adaptation, with a particular focus on Africa. Experienced investment managers are invited to apply for financial support, which may include a combination of catalytic grant capital and guarantees. IMCA anticipates issuing up to three USAID grant awards to help mobilize additional adaptation funding. More information can be found at www.climatelinks.org/afw; the deadline for applications is January 15, 2024.
This news follows IMCA partners' first announcement of joint support earlier today at COP28, of the Blended Finance for the Energy Transition (BFET) program. BFET is an initiative of the U.S. Department of State, in partnership with USAID, and with catalytic co-funding and support from the Government of Denmark and Investment Fund for Developing Countries (IFU). BFET's two funding awards were announced under USAID's Climate Finance for Development Accelerator aiming to mobilize US$1 billion or more of capital to accelerate just energy transition efforts in emerging markets.
Additional Quotes
"We all know it: At the current stage, we do not have the necessary funds needed to fight climate change. There is a global climate-financing gap. And states cannot close this gap alone. We need the private sector as partners to fight the climate challenge that faces us all. That is why we now present this initiative in the field of blended finance. Only by merging – and blending – our finances, we can raise the capital needed for green investments." Lars Løkke Rasmussen, Minister of Foreign Affairs, Government of Denmark
"Climate change is accelerating with crippling consequences. We need more climate action to push accelerated transition and enhanced adaptation and resilience building. To this end, we must generate extensive new climate finance. Official Development Assistance will never be enough. Our climate finance must be truly catalytical, unleashing private capital and scaling up technical solutions. We must mobilize private capital in the billions. IMCA aims to do just that." Johan Forssell, Minister for International Development Cooperation and Foreign Trade, Government of Sweden.
"Ensuring a just expansion of climate solutions for mitigation and adaptation in emerging markets is critical for delivering on our common climate goals. World Climate Foundation is proud to be acting as Operating Partner of the Investment Mobilization Collaboration Arrangement (IMCA); to deliver on climate investment objectives in developing and emerging economies. We look forward to utilizing our expertise in facilitating public-private sector collaboration to catalyze critically needed climate finance at scale." Jens Nielsen, CEO, World Climate Foundation.
Contacts
Pauline Ledermann, [email protected]
Lauren Yang, [email protected]
Jacqueline Musiitwa, [email protected]
Jesper Hilsted Andersen, [email protected]
Veera Lilja, [email protected]
Dag Sjöögren, [email protected]
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