EIB and AllianzGI support climate action projects in emerging and developing countries
November 10, 2021
The European Investment Bank (EIB) and Allianz Global Investors (AllianzGI), one of the world’s leading active investment managers, today launched the Emerging Market Climate Action Fund (EMCAF) in a public and private partnership with the Governments of Germany and Luxembourg, the Nordic Development Fund, Allianz, Folksam and EIB being anchor investors.
EMCAF is a fund of funds that supports climate-focused investment funds and projects active in emerging markets and developing countries. Its focus will be on climate mitigation, climate adaptation, and access to electricity.
With a target size of €500 million, EMCAF aspires to become a European flagship impact investing initiative, mobilising substantial amounts of private capital to get climate action projects off the ground in Africa, Asia, Latin America and the Middle East. EMCAF investments are expected to support a significant amount of new clean energy capacity globally.