The European Investment Bank (EIB) and Allianz Global Investors (AllianzGI) are establishing an investment fund called Emerging Market Climate Action (EMCA).
With a capital of 500 million EUR (577.229 million USD), EMCA aims to promote climate change [4] mitigation and adaptation in emerging and developing countries.
The fund plans to invest in other climate action funds and projects in Africa, Asia, Latin America and the Middle East.
Projects such as onshore wind farms, solar photovoltaic power plants, hydroelectric power plants, and infrastructure resilient to climate change (floods, drought) are targeted.
In addition to AllianzGI and the EIB, EMCA's main investors include the governments of Germany and Luxembourg, the Nordic Development Fund, Allianz and Folksam.