RESPONSABILITY CONFIRMED AS GCPF INVESTMENT MANAGER
Zurich-based impact asset manager responsAbility will continue to manage the Global Climate Partnership Fund through 2024. This decision was confirmed by the fund’s board of directors at this week’s board meeting. Set up in 2009, GCPF 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 GCPF 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, GCPF 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 GCPF. 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.”
GCPF, 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.
responsAbility is a leading impact investor with a 16-year track record in financing sustainable and inclusive businesses in emerging economies. Since 2004, responsAbility-managed funds have disbursed close to USD 10 bn to businesses that directly support the SDGs. In 2018 alone, USD 73 m were disbursed for renewable energy and energy efficiency projects in emerging economies providing 22 m people and 120 businesses with improved access to electricity.
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