Emerging Market Climate Action Fund (EMCAF)

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The Emerging Market Climate Action Fund (EMCAF) is a fund of funds to support fund managers investing in climate change mitigation and adaptation projects in emerging and developing countries. Geographically, the fund will operate in developing countries worldwide. At least 25% of total commitments will be implemented in Africa. Allianz Global Investors (AGI) acts as fund manager of the EMCAF and is advised by the European Investment Bank (EIB) as investment advisor, in particular on issues of environmental and social impact of the projects. The EMCAF will focus on investments in climate change mitigation and adaptation. The energy sector, i.e. renewable energy (RE) and energy efficiency (EE), is expected to account for the vast majority of investments, followed by investments in sustainable transport, forestry and rehabilitation/restoration of rural water supply and sanitation. All investments will be greenfield investments, i.e. capital investments in infrastructure assets that are under construction or development and not yet in operation. The fund will not invest directly in infrastructure assets. All investments will be made either indirectly through a fund or platform vehicle, or as a co-investment with target funds and platforms that are part of the EMCAF portfolio.