28 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 mobilize private investments for climate-relevant infrastructure and enhancing multilateral finance and collaboration. In addition, Germany announced to increase in 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, which was adopted at the last meeting in Cornwall, England in June 2021. G7 members are committed to financing 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 environmental commitments.
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