The European Investment Bank (EIB) and the asset manager Allianz Global Investors (AllianzGI) have just launched on Monday the Emerging Market Climate Action Fund (EMCAF), a "fund of funds" that aims to mobilize private capital for projects that help emerging and developing countries in Africa, Asia or Latin America adapt to the impacts of climate change.

Intended to support climate-focused projects and investments in these countries, the fund is born with a target size of 500 million euros, and goes towards climate mitigation and adaptation, as well as access to electricity.

The project will invest in specialized investment funds, which can support projects such as onshore wind farms and solar photovoltaic plants or small and medium-sized hydroelectric plants, but also energy efficiency initiatives in housing or industry, or others with environmental or resource efficiency benefits.

"EMCAF investments are expected to support a significant amount of new clean energy capacity around the world," stresses AllianzGI, pointing out that "this alternative fund aspires to become a European flagship impact investment initiative, capable of moving substantial amounts of private capital to get climate action projects underway in Africa, Asia, Latin America and the Near East."