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A fund created by the European Investment Bank (EIB) and Allianz Global Investors (AllianzGI) to spur climate financing in emerging markets grew to €450 million with a final contribution from the German government. The closing size of the Emerging Markets Climate Action Fund (EMCAF) results from a €20 million top- up from Germany’s Kreditanstalt für Wiederaufbau (KfW) on behalf of the German Federal Foreign Office.
EMCAF, established in 2021 and now one of the world’s largest blended finance equity funds, is expected to mobilise up to €7.5 billion of climate finance in emerging and developing markets. Renewable energy and energy efficiency represent a majority of EMCAF’s investments to date. Other areas of support by EMCAF include sustainable transport, forestry, water...
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