responsAbility confirmed as investment manager of choice for blended finance vehicle
Mandate for USD 670 m climate fund extended to 2024
Zurich, 31 October 2019 — Zurich-based impact asset manager responsAbility will continue to manage the USD 670 m investment fund dedicated to mitigating climate change in emerging markets through 2024. This decision was confirmed by the fund’s board of directors this week. Set up in 2009 as a public-private partnership, the climate fund has been managed by responsAbility’s energy investment team since 2014. The fund has since almost tripled its invested portfolio and disbursed close to USD 400 m in climate loans in 24 developing economies, allowing financed projects to avoid 17 m tonnes of CO2 emissions and to install 500 MW of clean energy capacity.
KfW’s Claudia Arce, who has chaired the fund’s board over the past four years, explained the decision to extend the mandate: “When the fund was set-up in 2009, the global discussion on climate change and CO2 reduction was still nascent. Under responsAbility’s management and with a team that’s passionate about creating impact through investments, the fund has strongly contributed to strengthening climate investments in small and medium sized companies in emerging markets.”
Speaking on behalf of responsAbility, Antoine Prédour, Head of Energy Debt Financing, underlined: “We are delighted to have been confirmed as investment manager for this highly successful investment fund. Climate change concerns us all, and it is imperative that we take action. By partnering with public and private investors as well as financial institutions, energy companies and project developers in emerging countries, we channel much needed capital into climate change mitigation in geographies that will see the biggest increase in emissions in the years to come.”
About responsAbility Investments AG (www.responsability.com)
A leading asset manager for impact investments in emerging economies, responsAbility manages USD 3 bn of assets through a variety of investment vehicles that provide private debt and private equity to some 540 companies with inclusive business models across 90 countries. Founded in 2003, the company is headquartered in Zurich, Switzerland, and has local offices in Bangkok, Geneva, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris.
About the Climate Fund (www.gcpf.lu)
The responsAbility-managed climate fund, an investment company under Luxembourg law, tackles the shortage of appropriate financing for low-carbon projects in developing economies. Set up as a public-private partnership the fund focuses on financing energy efficiency and renewable energy projects for SMEs and private households, primarily in cooperation with local financial institutions, but also directly. The annual financing gap to meet SDG 7 is estimated at USD 800 to 900 bn until 2030, with many developing countries being left out.
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