By Adedapo Adesanya
The International Finance Corporation (IFC) has announced a collaboration with Allied Climate Partners (ACP) that will help create a pipeline of viable climate investments in emerging markets including Southeast Asia, Africa, the Caribbean and Central America, and India.
ACP’s new platform is backed by philanthropic capital and designed to mobilize investment in climate-related projects in emerging economies to create significant environmental, economic, and social impact.
In a statement seen by Business Post, the parties said the collaboration with IFC will provide advisory and structuring support, technical assistance, and sustainability and impact-management support as needed to help bring projects to financial viability, adding that it will apply global best practice standards, including impact guidelines and safeguards.
Investors and financial institutions have signalled that building a pipeline of viable and bankable projects is key to attracting the finance needed for critical climate infrastructure. The ACP platform will work to establish funds focused on the early development stages of climate-related projects.
Speaking on this, Mr Mohamed Gouled, IFC Vice President for Industries said the Allied Climate Partners initiative is a strong example of how collaboration is critical to addressing climate change.
“IFC is a global leader in climate finance in developing countries, and we look forward to leveraging our decades of experience in this area under the ACP initiative to scale further financing for climate-related projects.”
“Local leaders around the world have identified a clear problem: there simply aren’t enough bankable climate-related projects to deploy capital at the scale we need to address the climate crisis,” said Allied Climate Partners CEO, Mr Ahmed Saeed.
“We’re launching ACP to fill a key financing gap at the early stages of project development, and partner directly with local investment professionals, entrepreneurs, and governments to support the creation of new sustainable infrastructure projects and businesses that will have lasting benefits to our climate and to local communities.”