G7 endorses joint EIB and AllianzGI initiative financing climate projects in emerging economies

28/06/2022

Summary

During its summit in Elmau (Germany), the Group of Seven (G7) endorsed the strategy Emerging Market Climate Action (EMCA) 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 vehicle.

During its summit in Elmau (Germany), the Group of Seven (G7) endorsed the strategy Emerging Market Climate Action (EMCA) 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 vehicle.

EMCA is an innovative blended finance strategy 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.

EMCA 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 strategy (EMCA) that we set up and implement jointly with Allianz Global Investors. The EIB stands ready to work with countries and financial institutions through EMCA 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, EMCA is a target EUR 600 million innovative blended finance strategy, with the Governments of Germany and Luxembourg, the Nordic Development Fund, Allianz, Folksam Group and EIB as its anchor investors.  EMCA 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 vehicle 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. EMCA 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.

Background information

The European Investment Bank

The European Investment Bank (EIB) is the long-term lending institution of the European Union and is owned by the EU Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals both in Europe and beyond. The European Investment Bank is active in around 160 countries and is the world’s largest multilateral lender for climate action projects. The EIB Group has recently adopted its Climate Bank Roadmap to deliver on its ambitious agenda to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and to deliver more than 50% of EIB finance for climate action and environmental sustainability by 2025. Also, as part of the Roadmap, from the start of 2021, all new EIB Group operations will be aligned with the goals and principles of the Paris Agreement.

Press contacts

Bruno Hoyer                     Tel.: +35 24 3798 3045      mobile: +35 26 2188 6056      b.hoyer@eib.org      Website: www.eib.org/press      Press Office: +35 24 3792 1000press@eib.org
Marion Leblanc-Wohrer       +33 68 5157 454              marion.leblancwohrer@allianzgi.com
Stefan Lutz                               +49 69 2443 14276          stefan.lutz@allianzgi.com


About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with over 700 investment professionals in 24 offices worldwide and managing EUR 637 billion in assets. We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.

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Data as at 31 March 2022

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Announcing the 2022 International Green Gown Award Winners

07/07/2022

Summary

Allianz Global Investors, one of the world’s leading active investment managers, and EAUC-The Alliance for Sustainability Leadership in Education (EAUC) announced today the Winners of the 2022 International Green Gown Awards, among 56 Finalists from 19 countries from across the world.

Allianz Global Investors

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