France, Germany and several foundations have teamed up with asset manager BlackRock to create an investment tool intended to direct capital towards climate-related projects in the countries of the South, with an initial objective of 500 million the partners announced on Wednesday in Davos.
This Climate Finance Partnership (CFP) brings together BlackRock, the world's leading asset manager, the French Development Agency (AFD), the German Environment Ministry and the Hewlett and Grantham foundations. A "unique partnership that mixes philanthropic, public and private capital in order to combat climate risk," said a press release.
$ 100 million
"This ambitious partnership will help redirect capital flows towards sustainable development investments in emerging countries, and will target Africa as a priority" for at least 25%, explained AFD director general Rémy Rioux, quoted in the text.
“The challenges linked to climate change require large-scale collective actions. The AFD group is therefore proud to partner, through its subsidiary dedicated to the private sector Proparco, with BlackRock, to accelerate the mobilization of private funds in favor of the climate, "he added.
Starting capital, set at $ 100 million, will be provided notably by France, via AFD and by Germany (up to 30 million each), and will act as a catalyst, to reach a first objective of $ 500 million. The schedule has not been specified.
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