Convergence Blended Finance Inc.

Objet publié

Designed as a multi-donor program, and in partnership with the Climate Policy Initiative (CPI), the project provides grant funding and technical assistance to accelerate the development and scale-up of climate finance solutions in developing countries in Sub-Saharan Africa, Latin America, South Asia, and Southeast Asia. The key objective of the project is to contribute to the development of a pipeline of investable solutions aimed at achieving climate change mitigation and adaptation outcomes, in sectors such as clean energy, climate-smart agriculture and nature-based solutions. It also includes mobilizing resources, particularly from the private sector, for the sustainable development goals. Project activities include: (1) delivering grant funding to selected applicants to structure, launch, and expand their blended finance solution; (2) providing technical assistance to selected applicants to develop their capacities to ensure their blended finance vehicles can generate business traction and accelerate the mobilization of capital; and (3) developing a learning hub as a critical knowledge platform, capturing learnings and ensuring knowledge transfer to various actors, thus creating synergies and increasing efficiencies in the climate finance ecosystem. The project’s direct beneficiaries are selected individuals and institutions implementing climate finance solutions in developing countries. These actors contribute to addressing the impacts of climate change and increasing the capacity of economically disadvantaged groups, including women and girls, by financing projects with climate mitigation and adaptation as the main intended impacts. Between 14 to 20 grantees are expected to be supported by the end of the project. The Facility was announced by the Prime Minister at the G20 Leaders Summit, September 9-10 in New Delhi, India. Details of the announcement can be found here: https://www.pm.gc.ca/en/news/news-releases/2023/09/10/prime-minister-addresses-global-challenges-champions-inclusive-sustainable https://www.pm.gc.ca/en/news/backgrounders/2023/09/10/working-together-deliver-real-results-beyond-our-borders