COP28 (Dubai), December 2, 2023: IFC has announced a collaboration with Allied Climate Partners (ACP) aimed at creating a pipeline of viable climate investments in Southeast Asia, Africa, the Caribbean and Central America, and India. The announcement was made during on-going COP28 in Dubai.
ACP's new platform is backed by philanthropic capital and designed to mobilize investment in climate-related projects in emerging economies to create significant environmental, economic, and social impact. The collaboration with IFC will provide advisory and structuring support, technical assistance, and sustainability and impact-management support as needed to help bring projects to financial viability. It will apply global best practice standards, including impact guidelines and safeguards.
Investors and financial institutions have signalled that building a pipeline of viable and bankable projects is key to attracting the finance needed for critical climate infrastructure. The ACP platform will work to establish funds focused on the early development stages of climate-related projects.
"The Allied Climate Partners initiative is a strong example of how collaboration is critical to addressing climate change," said Mohamed Gouled, IFC Vice President for Industries. "IFC is a global leader in climate finance in developing countries, and we look forward to leveraging our decades of experience in this area under the ACP initiative to scale further financing for climate-related projects."
"Local leaders around the world have identified a clear problem: there simply aren't enough bankable climate-related projects to deploy capital at the scale we need to address the climate crisis," said Allied Climate Partners CEO Ahmed Saeed. "We're launching ACP to fill a key financing gap at the early stages of project development, and partner directly with local investment professionals, entrepreneurs, and governments to support the creation of new sustainable infrastructure projects and businesses that will have lasting benefits to our climate and to local communities."
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.
Allied Climate Partners (ACP) is a philanthropic investment organization with a mission to accelerate the climate transition and improve livelihoods in emerging economies by increasing the flow of capital to bankable, climate-related projects and businesses. ACP selects regional investment managers in emerging economies and supports them with first-loss capital, expertise, and the mandate to address a critical financing gap at the early, risk-oriented stages of the development process for climate-related projects and asset-oriented businesses.
