Global Consortium of Ten Investors Including
Governments, Philanthropies, and Institutional Investors Commit
Initial Capital to Help Reduce Carbon Emissions in Emerging
Markets
BlackRock has secured more than US$250 million in commitments
from a consortium of global institutional investors, governments
and philanthropies for the Climate Finance Partnership (CFP), a
flagship blended finance vehicle focused on investing in climate
infrastructure across emerging markets in order to accelerate the
global transition to a low carbon economy. Conceived at the One
Planet Summit in September 2018 under the leadership of French
President Emmanuel Macron, CFP showcases the potential for the
public, philanthropic and private sectors to work together to
mobilize significant investment into climate infrastructure that
can deliver positive environmental and social impact and allow for
attractive risk-adjusted returns.
The Governments of France, through the French Development Agency
(AFD); Germany, through KfW Development Bank (KfW); and Japan,
through Japan Bank for International Cooperation (JBIC); together
with the Grantham Environmental Trust, the Quadrivium Foundation,
and another private foundation committed a combined US$112.5
million in catalytic capital. This catalytic capital is being used
to mobilize a broader institutional capital raise, starting with
commitments from Dai-ichi Life Insurance, a leading European
pension fund, and a key strategic banking partner, Standard
Chartered Bank, as well as MUFG Bank, which together are the first
institutional investors in CFP.
With energy demand in emerging markets poised to double by 2050,
there is significant capital required for climate infrastructure,
such as renewable power, in these regions to help reduce carbon
emissions. Approximately US$9 trillion is needed for emerging
markets to derive two-thirds of their energy from renewable power
by 20501. The global energy transition toward net zero by 2050 can
only be achieved with more institutional capital flows into less
developed regions, where there are acute challenges from population
growth, rising energy demand and climate disruption. CFP’s unique
structure is designed to invest in new solutions that can help
communities in developing countries that are most vulnerable to the
impacts of climate change.
It is the shared belief of all CFP parties that aggressive
action is necessary in order to limit the global temperature
increase to 1.5°C, in a manner that harnesses the economic
opportunities embedded in the transition to a global low-carbon
economy.
“We are honored to collaborate with this group of likeminded
organizations from the public and private sectors to raise initial
capital that will be used to help unlock the energy transition in
emerging markets through the Climate Finance Partnership,” said
Edwin Conway, Global Head of BlackRock Alternative
Investors.
CFP will target investments in select countries in Asia, Latin
America, and Africa. The fund’s focus on the climate infrastructure
sector include: (i) grid connected and/or distributed renewable
power generation; (ii) energy efficiency in residential, commercial
and/or industrial sectors; (iii) transmission or energy storage
solutions; and (iv) ultra-low emission or electrified
transportation and mobility services. The Partnership is targeting
at least US$500 million and is delighted to have secured half of
its target at first close.
Rémy Rioux, CEO of the French Development Agency (AFD),
said, “The unique challenges posed by climate change call for
stronger joint action, public and private. It is therefore with
great pride that the AFD Group, through its private-sector
subsidiary PROPARCO, is partnering with BlackRock, the largest
asset manager worldwide, to accelerate the mobilization of
private-sector financing toward climate. This ambitious
partnership, forged with Germany, Japan and leading global
foundations, will help redirect financial flows toward sustainable
development investments across the emerging world, with a priority
to Africa as a key continent to France and Europe and one of the
most vulnerable regions to climate change despite contributing the
least to global warming. Our partnership illustrates the power of
the Finance in Common (FiCS) movement, regrouping all Public
Development Banks (PDBs) to co-invest with private financiers.”
State Secretary Jochen Flasbarth from the German Ministry for
the Environment, Nature Conservation and Nuclear Safety, said,
“I am excited that the Climate Finance Partnership is now aiming to
bring additional institutional capital on board for investments in
the energy transition in emerging markets. We are supporting this
Partnership because we believe that combining the strengths of the
public and private sectors is necessary in order to align finance
flows with low-carbon and climate-resilient development. The Paris
Agreement requires nothing less from us than the climate-friendly
transformation of the financial sector.“
Tadashi Maeda, Governor of JBIC, said, “Since 2020, the
world’s imminent challenge has been to overcome the COVID-19
pandemic and reinvigorate the economy. Simultaneously, the
international community is striving to achieve sustainable
development and energy transition toward a decarbonized society.
With that in mind, the Government of Japan aims to reduce GHG
emissions to net-zero, and realize a carbon-neutral society by
2050. Participating in CFP as a catalytic partner is in line with
such mission and we are pleased to contribute to the sustainable
development of developing countries and provision of private
capital to low-carbon investment opportunities. We will continue
our efforts to create an eco-system that encourages innovation for
decarbonization and achieves effective energy transition, thereby
contributing to the global agenda.”
Seiji Inagaki, President and Representative Director, The
Dai-ichi Life Insurance Company, Limited, said, “As an
institutional investor, Dai-ichi Life aims to achieve zero carbon
by 2050. We actively pursue climate-related opportunities by
investing in and financing projects such as renewable power to
create positive impacts. We believe CFP will greatly contribute to
solving various issues in emerging countries such as
decarbonization, and we are pleased to invest in this fund.”
Simon Cooper, CEO, Corporate, Commercial & Institutional
Banking and CEO, Europe & Americas, Standard Chartered
Bank, said, “The CFP’s objective, to invest in a diversified
portfolio of climate infrastructure in emerging markets, can help
bring about positive environmental and social impact in line with
the United Nations’ Sustainable Development Goals. This fits
squarely with our aims at Standard Chartered to mobilize finance to
where it matters most.”
Hironori Kamezawa, President & Group CEO, Mitsubishi UFJ
Financial Group, said, “MUFG Bank appreciates this opportunity
to expand our support of bringing more renewable energy to emerging
markets where it is truly needed. CFP’s focus fits well with our
commitment to responsible investment and our declaration to reach
carbon neutrality by 2050.”
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______________________________ 1 BNEF New Energy Outlook
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