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G7 endorses joint EIB and AllianzGI initiative financing climate projects in emerging economies

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June 28, 2022 (Investorideas.com Newswire) During its summit in Elmau (Germany), the Group of Seven (G7) endorsed the Emerging Market Climate Action Fund (EMCAF) as an example of a concrete innovative and market-led approach to mobilise private investments for climate relevant infrastructure and to enhance multilateral finance and collaboration. In addition, Germany announced to increase their investment in the fund.

EMCAF is an innovative blended finance fund initiated jointly by the European Investment Bank (EIB) and Allianz Global Investors (AllianzGI) to finance climate mitigation and adaptation as well as environmental projects in Africa, Asia, Latin America, and the Middle East.

EMCAF aligns with the G7’s ambitious agenda to Build Back Better for the World and urgently narrow the infrastructure investment gap in developing countries, that was adopted at the last meeting in Cornwall, England in June 2021. G7 members are committed to finance high quality and sustainable infrastructure that ensures a strong recovery from the pandemic and rapid progress towards the Sustainable Development Goals as well as international climate and environment commitments.

EIB President Werner Hoyer said: “The war in Ukraine is the strongest possible argument for greening our economies and accelerating our independence from fossil fuels. At the same time, this decade is critical to address the climate crisis. To do so, we must mobilise trillions of private capital for climate action projects. We welcome the G7 endorsement of the Emerging Market Climate Action Fund (EMCAF) that we set up and implement jointly with Allianz Global Investors. The EIB stands ready to work with countries and financial institutions through EMCAF to accelerate financing for renewable energy and energy efficiency projects globally.”

Tobias Pross, CEO of AllianzGI added: “The past year truly shone a light on the challenges facing the planet and the urgency with which we must face them. It also revealed the profound inequalities and the funding shortfall needed to answer these challenges, in particular in emerging countries. Collaborative action will be vital to develop the right solutions, and we are delighted to see the G7 support our joint initiative for financing climate transition”.

Launched during COP26 in November 2021 by the EIB and AllianzGI, EMCAF is a target EUR 600 million innovative blended finance vehicle, with the Governments of Germany and Luxembourg, the Nordic Development Fund, Allianz, Folksam Group and EIB as its anchor investors. EMCAF provides early-stage financing to greenfield climate transition infrastructure in emerging and developing markets and focuses on climate mitigation, climate adaptation, and environmental projects. The Fund aspires to become a flagship impact investing initiative, mobilising substantial amounts of private capital to get climate action projects off the ground in Africa, Asia, Latin America and the Middle East. EMCAF has already made its first investment in ARCH Cold Chain Solutions East Africa Fund, a strategy financing temperature-controlled storage and distribution infrastructure in East Africa that targets, among other, to generate emission reduction from post-harvest food loss.

Background information

The European Investment Bank

The European Investment Bank (EIB) is the long-term lending institution of the European Union and is owned by the EU Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals both in Europe and beyond. The European Investment Bank is active in around 160 countries and is the world’s largest multilateral lender for climate action projects. The EIB Group has recently adopted its Climate Bank Roadmap to deliver on its ambitious agenda to support EUR1 trillion of climate action and environmental sustainability investments in the decade to 2030 and to deliver more than 50% of EIB finance for climate action and environmental sustainability by 2025. Also, as part of the Roadmap, from the start of 2021, all new EIB Group operations will be aligned with the goals and principles of the Paris Agreement.

Allianz Global Investors:

Allianz Global Investors is a leading active asset manager with over 700 investment professionals in 24 offices worldwide and managing EUR 637 billion in assets. We invest for the long term and seek to generate value for clients every step of the way. We do this by being active -; in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.

Data as at 31 March 2022

Press contacts

Bruno Hoyer, b.hoyer@eib.org, Tel.: +352 43 79 83045, mobile: +352 621 886 056
Website: www.eib.org/press – Press Office: +352 4379 21000 ?EUR” press@eib.org

Marion Leblanc-Wohrer, marion.leblancwohrer@allianzgi.com Tel: +33 685157454

Stefan Lutz, stefan.lutz@allianzgi.com Tel.: +49 69 2443 14276, Mobile: +49 173 6998071

Disclaimer:

Investing involves risk. The value of an investment and the income from it will fluctuate and investors may not get back the principal invested. Past performance is not indicative of future performance. This is a marketing communication. It is for informational purposes only. This document does not constitute investment advice or a recommendation to buy, sell or hold any security and shall not be deemed an offer to sell or a solicitation of an offer to buy any security.

The views and opinions expressed herein, which are subject to change without notice, are those of the issuer or its affiliated companies at the time of publication. Certain data used are derived from various sources believed to be reliable, but the accuracy or completeness of the data is not guaranteed and no liability is assumed for any direct or consequential losses arising from their use. The duplication, publication, extraction or transmission of the contents, irrespective of the form, is not permitted.

This material has not been reviewed by any regulatory authorities. In mainland China, it is used only as supporting material to the offshore investment products offered by commercial banks under the Qualified Domestic Institutional Investors scheme pursuant to applicable rules and regulations. This document does not constitute a public offer by virtue of Act Number 26.831 of the Argentine Republic and General Resolution No. 622/2013 of the NSC. This communication’s sole purpose is to inform and does not under any circumstance constitute promotion or publicity of Allianz Global Investors products and/or services in Colombia or to Colombian residents pursuant to part 4 of Decree 2555 of 2010. This communication does not in any way aim to directly or indirectly initiate the purchase of a product or the provision of a service offered by Allianz Global Investors. Via reception of his document, each resident in Colombia acknowledges and accepts to have contacted Allianz Global Investors via their own initiative and that the communication under no circumstances does not arise from any promotional or marketing activities carried out by Allianz Global Investors. Colombian residents accept that accessing any type of social network page of Allianz Global Investors is done under their own responsibility and initiative and are aware that they may access specific information on the products and services of Allianz Global Investors. This communication is strictly private and confidential and may not be reproduced. This communication does not constitute a public offer of securities in Colombia pursuant to the public offer regulation set forth in Decree 2555 of 2010. This communication and the information provided herein should not be considered a solicitation or an offer by Allianz Global Investors or its affiliates to provide any financial products in Brazil, Panama, Peru, and Uruguay. In Australia, this material is presented by Allianz Global Investors Asia Pacific Limited (“AllianzGI AP”) and is intended for the use of investment consultants and other institutional/professional investors only, and is not directed to the public or individual retail investors. AllianzGI AP is not licensed to provide financial services to retail clients in Australia. AllianzGI AP (Australian Registered Body Number 160 464 200) is exempt from the requirement to hold an Australian Foreign Financial Service License under the Corporations Act 2001 (Cth) pursuant to ASIC Class Order (CO 03/1103) with respect to the provision of financial services to wholesale clients only. AllianzGI AP is licensed and regulated by Hong Kong Securities and Futures Commission under Hong Kong laws, which differ from Australian laws.

This document is being distributed by the following Allianz Global Investors companies: Allianz Global Investors U.S. LLC, an investment adviser registered with the U.S. Securities and Exchange Commission; Allianz Global Investors Distributors LLC, distributor registered with FINRA, is affiliated with Allianz Global Investors U.S. LLC; Allianz Global Investors GmbH, an investment company in Germany, authorized by the German Bundesanstalt f?r Finanzdienstleistungsaufsicht (BaFin); Allianz Global Investors (Schweiz) AG; Allianz Global Investors Asia Pacific Ltd., licensed by the Hong Kong Securities and Futures Commission; Allianz Global Investors Singapore Ltd., regulated by the Monetary Authority of Singapore [Company Registration No. 199907169Z]; Allianz Global Investors Japan Co., Ltd., registered in Japan as a Financial Instruments Business Operator [Registered No. The Director of Kanto Local Finance Bureau (Financial Instruments Business Operator), No. 424, Member of Japan Investment Advisers Association and Investment Trust Association, Japan];and Allianz Global Investors Taiwan Ltd., licensed by Financial Supervisory Commission in Taiwan.
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