The Hong Kong Monetary Authority (HKMA) has joined forces with German insurer Allianz and the International Finance Corporation (IFC) on the establishment of a US$3 billion investment platform focused on climate change.
According to the IFC, the World Bank’s private investment arm, the platform, called MCPP One Planet, will use capital form the three partners to provide loans to private companies in emerging markets whose work supports the goals of the Paris climate accord.
The initiative follows the IFC’s launch of a private debt platform in 2013, the Managed Co-Lending Portfolio Programme, which raised more than $10 billion from 11 investors.
An IFC statement claims that the platform will create “the world’s first cross-sectoral portfolio of emerging-market loans aligned with the Paris agreement”.
IFC managing director Makhtar Diop added that the platform “will create a global model for mobilisation of institutional investor financing in support of the climate agenda for the most vulnerable communities on the frontlines of climate change”.
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