Climate Fund Managers (CFM) is pleased to have received confirmation from the Green Climate Fund (GCF) of an extension to their approved country list. This means that CFM’s Climate Investor One (CI1) investment facility can now direct GCF capital into pipeline projects in seven additional emerging economy nations, bringing the total GCF approved list to 18 countries.
The countries which have been added are Ecuador, Ethiopia, Mauritius, the Philippines, Senegal, Tunisia and Zambia. Their inclusion alongside the 11 nations already approved (Burundi, Cameroon, Djibouti, Indonesia, Kenya, Madagascar, Malawi, Mongolia, Morocco, Nigeria and Uganda) as prospective destinations for GCF funding will enable CI1 to broaden its geographical remit and increase its impact potential across the African continent, in South America, and Asia.
CI1 is an innovative blended finance facility managed by CFM and provides integrated, full project lifecycle financing solutions to support the successful development, construction and commissioning of renewable energy projects in regions with significant power deficits, more expeditiously and at reduced cost, translating into additional renewable energy capacity and reduced CO2 emissions.
“By determining that the seven ‘new’ countries have demonstrated a good fit with the specified country selection criteria, GCF has effectively unlocked investment opportunities for CI1 in each nation,” commented Georges Beukering, Director of Capital Raising and Business Development at Climate Fund Managers. “Crucially, this will enable CI1 to generate greater climate impacts with capital that has been committed by GCF as we respond to the climate crisis,” he added.
The expansion of the CI1 approved countries list has been made possible by securing, on the part of the Dutch Entrepreneurial Development Bank (FMO), no-objection letters (NOLs) from these additional nations. FMO is the GCF Accredited Entity (AE) for CI1.
GCF is a unique global platform to respond to climate change by investing in low-emission and climate-resilient development. GCF was established by 194 governments to limit or reduce greenhouse gas (GHG) emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change. Given the urgency and seriousness of this challenge, GCF is mandated to make an ambitious contribution to the united global response to climate change.
About Climate Fund Managers
Climate Fund Managers (CFM) is a leading blended finance fund manager dedicated to securing a sustainable future through investing across global emerging markets. CFM has a long-term vision to structure cutting edge financing facilities around thematic areas of climate change mitigation and adaptation, including renewable energy, water and oceans, sustainable land use and sustainable cities. CFM is established as a joint venture between the Dutch development bank FMO and Sanlam InfraWorks – part of the Sanlam Group of South Africa.
Climate Investor One (CI1) is the inaugural facility managed by CFM, focused on providing capital to renewable energy projects in developing countries. CI1 has a focus on Africa, South & Southeast Asia, and Latin America, and uses a whole-of-life financing approach intended to reduce implementation timelines. The facility also enjoys support from the EU through its External Investment Plan, a part of its wider commitment to sustainable development and climate change mitigation, as well as cornerstone support from the Ministry of Foreign Affairs of the Netherlands, the Nordic Development Fund (NDF) and USAIDs Power Africa programme.