28th June 2022

During its summit in Elmau (Germany), the Group of Seven (G7) endorsed the Emerging Market Climate Action Fund (EMCAF) as an example of a concrete innovative and market-led approach to mobilise private investments for climate relevant infrastructure and to enhance multilateral finance and collaboration. In addition, Germany announced to increase their investment in the fund.


EMCAF is an innovative blended finance fund initiated jointly by the European Investment Bank (EIB) and Allianz Global Investors (AllianzGI) to finance climate mitigation and adaptation as well as environmental projects in Africa, Asia, Latin America, and the Middle East.


EMCAF aligns with the G7’s ambitious agenda to Build Back Better for the World and urgently narrow the infrastructure investment gap in developing countries, that was adopted at the last meeting in Cornwall, England in June 2021.  G7 members are committed to finance high quality and sustainable infrastructure that ensures a strong recovery from the pandemic and rapid progress towards the Sustainable Development Goals as well as international climate and environment commitments.


EIB President Werner Hoyer said: “The war in Ukraine is the strongest possible argument for greening our economies and accelerating our independence from fossil fuels. At the same time, this decade is critical to address the climate crisis. To do so, we must mobilise trillions of private capital for climate action projects. We welcome the G7 endorsement of the Emerging Market Climate Action Fund (EMCAF) that we set up and implement jointly with Allianz Global Investors. The EIB stands ready to work with countries and financial institutions through EMCAF to accelerate financing for renewable energy and energy efficiency projects globally.“


Tobias Pross, CEO of AllianzGI added: “The past year truly shone a light on the challenges facing the planet and the urgency with which we must face them. It also revealed the profound inequalities and the funding shortfall needed to answer these challenges, in particular in emerging countries. Collaborative action will be vital to develop the right solutions, and we are delighted to see the G7 support our joint initiative for financing climate transition”.


Launched during COP26 in November 2021 by the EIB and AllianzGI, EMCAF is a target EUR 600 million innovative blended finance vehicle, with the Governments of Germany and Luxembourg, the Nordic Development Fund, Allianz, Folksam Group and EIB as its anchor investors.  EMCAF provides early-stage financing to greenfield climate transition infrastructure in emerging and developing markets and focuses on climate mitigation, climate adaptation, and environmental projects. The Fund aspires to become a flagship impact investing initiative, mobilising substantial amounts of private capital to get climate action projects off the ground in Africa, Asia, Latin America and the Middle East. EMCAF has already made its first investment in ARCH Cold Chain Solutions East Africa Fund, a strategy financing temperature-controlled storage and distribution infrastructure in East Africa that targets, among other, to generate emission reduction from post-harvest food loss.

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