EIB, Allianz Global Investors Close Climate Action Fund of Funds at €450M

The European Investment Bank said its Emerging Markets Climate Action Fund (EMCAF) with Allianz Global Investors closed at €450M (~$468.1M) following a €20M (~$20.8M) top-up from the German Federal Foreign Office.

The German federal government committed to investing in the fund through Kreditanstalt für Wiederaufbau (KfW), according to a January 23 news release.

The blended finance equity fund is one of the largest funds of its kind in the world. Established in 2021, the fund is expected to deploy up to €7.5B (~$7.80B) for climate projects in emerging and developing markets worldwide. 

EMCAF is looking to invest in approximately 15 funds, which are expected to support 150 sustainability-linked projects. So far, most of the fund's investments are in the renewable energy and energy efficiency space but it also has exposure in sustainable transport, forestry, water supply and wastewater. In 2024, the fund deployed a combined $100M in projects supporting renewable energy, sustainable mobility and green infrastructure across Africa, Asia and Latin America.

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Written By: Dakota

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