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The United States and Nordic countries launch joint funding initiative to increase climate investments in emerging and developing markets: World Climate Foundation
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.
" 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.
" " Lars Løkke Rasmussen, Minister of Foreign Affairs, Government of Denmark
Johan Forssell , Minister for International Development Cooperation and Foreign Trade, Government of Sweden .
" Jens Nielsen , CEO, World Climate Foundation.
Pauline Ledermann , pauline.ledermann@worldclimatefoundation.org
Lauren Yang, layang@CFDAccelerator.com
Jacqueline Musiitwa, jmusiitwa@usaid.gov
Jesper Hilsted Andersen, jehian@um.dk
Veera Lilja , veera.iija@gov.fi
Dag Sjöögren, dag.sjoogren@gov.se
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