AllianzGI and EIB raise €450M for climate projects in emerging markets, targeting renewable energy, adaptation, and sustainability while mobilizing up to €7.5B in climate finance.
Allianz Global Investors (AllianzGI) and the European Investment Bank (EIB) have raised €450 million for the Emerging Markets Climate Action Fund (EMCAF) to accelerate climate-focused initiatives in developing countries. The fund, launched during COP26 in 2021, aims to support climate mitigation, adaptation, and clean energy projects while addressing the impacts of climate change.
With contributions including €20 million from Germany’s KfW, EMCAF will invest in approximately 15 funds, ultimately backing around 150 projects. The fund focuses on renewable energy, sustainable transport, water systems, forestry, and energy efficiency, promoting a green and resilient future.
Tobias Pross, CEO of AllianzGI, highlighted the importance of this initiative: “This milestone represents a powerful opportunity to drive meaningful change in the regions where the need is greatest.” Meanwhile, EIB Vice-President Ambroise Fayolle emphasized the value of collaboration, stating, “EMCAF demonstrates the strength of public-private partnerships in bridging the global climate finance gap.”
One of the largest blended finance equity funds, EMCAF is expected to mobilize up to €7.5 billion to support sustainable development across emerging markets, showcasing innovative financing solutions for a greener future.
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