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A partnership between Climate Policy Initiative (CPI) and Convergence focused on scaling sustainable climate finance by providing grant funding and dedicated acceleration services to early-stage and market-ready financial solutions.

A partnership between Climate Policy Initiative (CPI) and Convergence focused on scaling sustainable climate finance.

The Catalytic Climate Finance Facility (CC Facility) accelerates the implementation of high-impact, ready-to-scale financial structures, filling a market gap in mobilizing private capital for climate action in developing economies. 

The initiative aims to be an ecosystem builder and address a market need in scaling blended finance structures and catalyzing capital for climate change. 

The goal of the initiative is to reach USD 100 million in size over the next few years.

__2024 round 2 applications are now closed.__

Learn more about the CC Facility, including the application process and eligibility and evaluation criteria [here](http://ccfacility.org "ccfacility.org").

## A PARTNERSHIP BETWEEN: {#partners}

![CPI Logo](//images.ctfassets.net/4cgqlwde6qy0/3EMIkYcBooxbeBMbvkdxLm/ed8dfcf58093025be36d4450bc6b511d/CPI_logo_RGB_transparent.png)
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## About Climate Policy Initiative

CPI is an analysis and advisory organization with deep expertise in finance and policy. Our mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, the United Kingdom, and the United States.
CPI serves as the Secretariat for the Global Innovation Lab for Climate Finance (the Lab), an incubator program that develops innovative financial mechanisms to drive private investments into climate change mitigation and adaptation in developing economies.

## About Convergence

Convergence is the global network for blended finance. Together with our membership of over 160 public, private, and philanthropic investors, as well as sponsors of transactions and funds, we increase private investment in emerging markets and developing economies to advance the UN Sustainable Development Goals (SDGs) and Paris Agreement.

Convergence’s [Design Funding and Market Acceleration Program](http://convergence.finance/design-funding) provides early-stage capital to support the design, launch, and acceleration of blended finance solutions targeting the SDGs.

Convergence is headquartered in Toronto and operates globally with a presence in Singapore, La Paz, Kigali, Nairobi and Washington DC.

## Anchor Donors

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The Catalytic Climate Finance Facility (CC Facility) is a partnership between Climate Policy Initiative (CPI) and Convergence focused on scaling sustainable climate finance by providing grant funding and dedicated acceleration services to early-stage and market-ready financial solutions in sectors that are severely under-financed in developing countries.

A partnership between Convergence and Climate Policy Initiative (CPI) focused on scaling sustainable climate finance.

Bill & Melinda Gates Foundation

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Global Affairs Canada

Australian Department of Foreign Affairs and Trade

Ricardo Nogueira

Rick Nogueira, Photo, Leadership Page

Member, Green Climate Fund's independent Technical Advisory Panel  

Paul Currie

Advisor, Office of the CEO, Development Bank of Southern Africa

Sergio Gusmão Suchodolski

Executive Vice President VR Investments

Kaylene Alvarez 

cropped head shot K Alvarez

Co-founder, BIDUK Indonesia; Founder & CEO, Athena Global Alliance

San Francisco and Toronto, September 19, 2024 — The Catalytic Climate Finance Facility (CC Facility) is announcing the opening of a new application round for high-impact, scalable blended financial structures in developing economies. These structures should have already demonstrated market traction and be poised for significant growth. [Applications must be submitted through the CC Facility website from September 19 to October 24, 2024.](https://www.ccfacility.org/apply)

The CC Facility offers up to USD 500,000 in grant funding, tailored technical assistance, and access to knowledge-sharing resources through a Learning Hub to help promising blended finance structures scale their impact. It offers targeted support in strategy, fundraising, and operations, with a focus on overcoming market barriers to mobilize private capital for climate action.

In addition, the program helps refine approaches to gender mainstreaming, impact measurement and management, and local capacity development while building effective operational and governance systems. The ultimate goal is to empower blended finance structures to drive business success, attract funding through targeted outreach, and accelerate their scale-up.

[A webinar outlining the program’s offerings is scheduled for October 9, 2024.](https://climatepolicyinitiative.zoom.us/webinar/register/9117238401121/WN_teIzEvO6R9m3sYm4-EfQhA)

“The CC Facility is committed to accelerating the flow of private capital into climate solutions,” said Joan Larrea, CEO of Convergence. “By providing targeted support and resources, we aim to empower innovative blended finance structures to overcome barriers and achieve significant scale.”

Dr. Barbara Buchner, Global Managing Director of Climate Policy Initiative (CPI), added, “We are seeking high-potential climate finance vehicles that have demonstrated market traction and are ready to expand their impact. Our program is designed to equip these solutions with the tools and expertise needed to attract investors and drive positive change.”

__ABOUT THE CATALYTIC CLIMATE FINANCE FACILITY__

The Catalytic Climate Finance Facility (CC Facility) is a solution to scale climate finance by filling a market gap in mobilizing private capital. The CC Facility provides a suite of acceleration services to market-ready blended finance vehicles in developing economies to help them reach scale. Through grant funding, technical support, and a learning hub, the CC Facility accelerates the implementation of high-impact financial structures, while providing resources to the broader ecosystem on how to best catalyze climate finance. The initiative is a partnership between [Climate Policy Initiative (CPI)](https://www.climatepolicyinitiative.org/) and [Convergence](https://www.convergence.finance/).

__MEDIA CONTACTS__

__Sijia Yi__ 
Head of Communications 
Convergence Blended Finance 
sijia.yi@convergence.finance 

__Júlio Lubianco__ 
Communications Manager 
Climate Policy Initiative 
julio.lubianco@cpiglobal.org 

__Sam Goodman__ 
Communications Associate 
Climate Policy Initiative 
sam.goodman@cpiglobal.org

CC Facility opens new round of applications, deadline October 24

CC Facility opens new round of applications, deadline Oct 24

*The [Catalytic Climate Finance Facility](https://www.ccfacility.org/) is a partnership between Climate Policy Initiative and Convergence.*

*Convergence’s Design Funding and Market Acceleration (DFMA) Associate Director, Trang Vandelis, spoke with One Acre Fund’s Senior Direct, Jeremy Golan, about how One Acre Fund aims to design their blended finance vehicle and their advice to prospective grantees.*

*The conversation has been edited and condensed.*

__Trang: Tell us about One Acre Fund’s story, what you do, where you work, and your mission.__

__Jeremy__: One Acre Fund works in East, Central, and Southern Africa. Our mission is to make smallholder farmers more prosperous, climate-resilient, and empowered, especially female farmers. Our core model is rural distribution of farm inputs on credit.

We now work with about four million farmer households. We’ve been finding in this work that smallholder farmers are very vulnerable to climate change. One solution is to transition to high-value, climate-resilient crops that do better when the weather is bad.

One Acre Fund has been working with farmers to transition to these crops and to access markets. What we've been finding in our pilot, which we started after working with the [Global Innovation Lab for Climate Finance](https://www.climatefinancelab.org/) to incubate this concept, we found that there's a virtuous cycle where One Acre Fund is providing direct support to smallholders, as well as technical assistance. 

SRV is working directly with the companies providing finance and also helping them scale their business. This results in farmers having more markets, growing their income. The businesses are getting follow-on-investment and becoming more investment-ready.

__Trang: Can you talk a little bit more about SRV and the pilots you've done to date?__

__Jeremy__: When going through the Lab’s cycle, Climate Policy Initiative (CPI) staff helped us think through what this looks like. We have a lot of direct experience with smallholders, but a little less experience on the finance and the blended capital side. 

We set up a pilot in Rwanda with a new company that can make these investments. We invested in horticulture exporters, as well as a coffee washing station that buys from farmers. One Acre Fund then trains the farmers and provides inputs. We’ve seen that virtuous cycle in place.

We've done a lot in avocados as well, launching with a co-investor an avocado oil processing plant that's live. We're planning to expand to other countries and working our way toward launching the fund with the CC Facility.

__Trang: What do you plan to use the grant and the acceleration support from the catalytic Climate Finance Facility for SRV?__

__Jeremy__: The most important thing for us is to use the CC Facility to find a Partner Fund Manager. The experience with blended finance, attracting private capital, and making different kinds of investors comfortable is really important. So we're looking for someone who has our ambitions and values that complement the skills of One Acre Fund.

The first step is putting out a Request for Proposal (RFP) and interviewing fund managers. The second will be finalizing our structure, financial modeling, and investor pitch. Then, we will focus on strengthening our gender strategy to be more transformative.

The ultimate goal is to launch a vehicle and raise private capital. That's what the milestones for the CC Facility are based on. The experts at Convergence and CPI really helped us just narrow our options. The teams have been very direct, allowing us to be both bold and wise in a way that we would not be able to do without the facility.

__Trang: Let's learn a bit more about the reaction from the market. So far, you've mentioned that you've been in touch with a few fund managers to test this concept, and I would love to hear the response.__

__Jeremy__: I think the response from the market has been positive. Based on the kind of guardrails and points that this CC Facility has given us have helped us bounce things off the market pretty quickly and improve the concept. People are excited about it. We're taking a phased approach with a smaller fund one and then hopefully a larger fund two or partnering with someone on a fund. 

__Trang: What are some challenges you face so far when it comes to structuring the vehicle and making it a blended vehicle that will be sustainable over the long term, given the really challenging segment that you're targeting?__

__Jeremy__:  The very real challenge of smallholder agriculture is climate change. We want to work with very scalable, small and medium enterprises, which are smaller ticket sizes and can result in some inefficiency and risk.

To mitigate this, we have taken a phased approach, starting with a smaller fund and making it a little bit less risky by showing its viability with concessional capital. Then, over time, attracting more commercial capital by showing the model is less risky because we've been experimenting on various scales, and then also by strengthening a cohort of really strong companies. Those companies will be attractive investments and can also attract private capital.

We are doing this by taking a phased approach by leveraging the CC Facility and bringing on an experienced Fund Manager to accelerate the learning process.

__Trang: Do you have any advice for someone who is interested in applying to the facility?__

__Jeremy__: Two things jumped out from the process. One is to embrace the application process and use it as a strategic tool to refine your approach and proposal.

Second, be specific about your plans and needs. For us, the most important thing was finding an experienced Fund Manager, which is a core competency of Convergence and CPI. So it was perfect. 

Focus on concrete actions and consider how the CC Facility and its support fit into the larger plan.

__Trang: What were some of the components that stood out for SRV that made your application stand out?__

__Jeremy__: I think the number one thing that made us stand out is our unique selling point and what our additionality is. One Acre Fund brings this local presence. We bring a special pipeline of SMEs that work with vetted smallholder farmers and a farmer network that serves as a supply base for these SMEs. 

Secondly, reflecting on what makes you different is important. Our specificity and readiness to hit the ground running, demonstrated by our ability to immediately utilize the technical assistance and funding made us stand out. I think just being ready to go is important. What you want to do next is very valuable, and knowing you can do that is important.


Q&A with Catalytic Climate Finance Facility grantee One Acre Fund

Q&A Catalytic Climate Finance Facility grantee One Acre Fund

Q&A with grantee: One Acre Fund

*San Francisco and Toronto, March 20, 2024* —Today, the Catalytic Climate Finance Facility (CC Facility) launched its second call for applications targeting early-stage market-ready blended climate finance structures in developing economies. 

Selected applicants will receive a suite of support—up to USD 500,000 in grant funding, customized technical assistance to address key barriers and mobilize private capital, and access to knowledge-sharing through a learning hub.

Applicants may submit concept notes on the [CC Facility website](https://www.ccfacility.org/apply) until April 24, 2024.

Launched in 2023 with funding from Bill & Melinda Gates Foundation, Global Affairs Canada, Australia’s Department of Foreign Affairs and Trade, and the International Development Research Centre, the CC Facility is a partnership between Climate Policy Initiative and Convergence, who are combining their expertise to turn innovative financial vehicles into scalable solutions and grow the blended climate finance market. 

Dr. Barbara Buchner, the Global Managing Director of Climate Policy Initiative (CPI), emphasized the crucial role of blended finance solutions in unlocking the trillions of dollars required for climate action this decade. "As the CC Facility embarks on its second cycle, we are confident that our unique blend of grants and acceleration support services can catalyze the development of the next generation of climate finance vehicles," Dr. Buchner said.

Joan Larrea, CEO of Convergence, underscored the CC Facility's role in helping market-ready blended climate finance vehicles scale up quickly. “We know where the roadblocks lie and are putting tools and resources together to support climate solutions while creating a pipeline of investible deals.” Larrea said. “Investors from public, private, and philanthropic sectors will want to invest.

To date, the CC Facility has raised USD 13.5 million and aims to raise USD 100 million in catalytic donor capital to support the launch of blended finance structures closing the climate financing gap and accelerating climate solutions in developing markets.

On April 3, 2024, the CC Facility will host a [virtual information session](https://climatepolicyinitiative.zoom.us/webinar/register/1817108591417/WN_edIRAgf0QA-3ntitiJT1aQ) to cover the features of this application window, provide insights on how to apply, and offer details on the selection process. Interested parties are encouraged to participate to gain valuable insights and guidance for submitting successful proposals.

The call for applications marks the first of two application windows scheduled for 2024, with a second round slated to open on September 19. 

The first CC Facility cohort, featuring six mitigation and adaptation solutions in Sub-Saharan Africa and Latin America, [was announced](https://www.climatepolicyinitiative.org/press-release/catalytic-climate-finance-facility-awards-usd-2-4-million-to-inaugural-class-of-blended-finance-vehicles/) during COP28 last December.

### ABOUT CLIMATE POLICY INITIATIVE
CPI is an analysis and advisory organization with deep expertise in finance and policy. Our mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, the United Kingdom, and the United States.

CPI serves as the Secretariat for the [Global Innovation Lab for Climate Finance (the Lab)](http://www.climatefinlab.org/), an incubator program that develops innovative financial mechanisms to drive private investments into climate change mitigation and adaptation in developing economies. 

### ABOUT CONVERGENCE
Convergence is the global network for blended finance. Together with our membership of over 160 public, private, and philanthropic investors, as well as sponsors of transactions and funds, we increase private investment in emerging markets and developing economies to advance the UN Sustainable Development Goals (SDGs) and Paris Agreement.

Convergence’s [Design Funding and Market Acceleration Program](http://convergence.finance/design-funding) provides early-stage capital to support the design, launch, and acceleration of blended finance solutions targeting the SDGs.

Convergence is headquartered in Toronto and operates globally with a presence in Singapore, La Paz, Kigali, Nairobi and Washington DC.

### MEDIA CONTACTS

__Karolyn Xie__ 
Head of Communications 
Convergence Blended Finance 
karolyn.xie@convergence.finance

__Júlio Lubianco__ 
Communications Manager 
Climate Policy Initiative 
julio.lubianco@cpiglobal.org

__Sam Goodman__ 
Communications Associate 
Climate Policy Initiative 
sam.goodman@cpiglobal.org

Catalytic Climate Finance Facility opens call for applications of market-ready blended climate finance solutions

Catalytic Climate Finance Facility call for applications

*Dubai, UAE – December 4, 2023* – The Catalytic Climate Finance Facility (CC Facility), a partnership between [Climate Policy Initiative (CPI)](https://www.climatepolicyinitiative.org/) and [Convergence](https://www.convergence.finance/), today announced its first class of six market-ready blended finance vehicles. The CC Facility will grant the selected class USD 2.4 million to test, structure, launch, and expand solutions. 

Grantees also receive customized technical assistance over 12 to 18 months to help accelerate the market roll-out of their blended climate finance solutions.

“COP28 is the perfect stage to introduce the next generation of innovative blended finance solutions addressing climate change, as we push for more ambitious climate finance goals in Dubai,” said __Convergence CEO Joan Larrea__. “Each of these six vehicles can scale up quickly and will benefit from the flexible package of grant funding and dedicated acceleration services that the CC Facility provides.” 

The selected vehicles have undergone a rigorous selection process, emerging from a pool of 276 submissions. These vehicles offer a wide range of climate finance solutions to address key mitigation and adaptation barriers in Sub-Saharan Africa and Latin America, addressing deforestation, building smallholder farmers resilience, improving access to finance for greenfield climate-aligned projects, accelerating electrification in rural areas, and investing in climate-aligned essential infrastructure.

“Our team will work to accelerate the market roll-out of these solutions to overcome market fragmentation and other key obstacles,” said __Barbara Buchner, CPI’s Global Managing Director__. “The CC Facility provides a collaborative space for the public, private, and philanthropic sectors to unlock high-impact structures that can be standardized and replicated.”

With funding from three anchor donors—Bill & Melinda Gates Foundation, Global Affairs Canada, and Australia's Department of Foreign Affairs and Trade—the CC Facility targets one of the main barriers to developing a climate blended finance idea: the acceleration stage, when solutions face a critical valley of death as they try to scale to broader market implementation. Following the selection of this first class of blended finance vehicles, the CC Facility will open for its second cycle of applications starting March 20, 2024.

“We know that public investment alone cannot provide all of the financing needed to tackle the climate crisis. Canada is proud to work with partners like Convergence to mobilize additional investments to support developing countries in their transition to low-carbon and climate resilient economies. With the selection of these first six blended finance vehicles, Canada sees great potential for mobilization of new finance into under-funded sectors in Latin America and Sub-Saharan Africa. We would like to extend our congratulations to this first class of grantees,” said __Cam Do, Director General of Innovative and Climate Finance, Global Affairs Canada__.

__Introducing the Vehicles__

__Acre Export Finance Fund I__: __Acre__ addresses the financing gap in the export finance market in Africa which prevents the closing of bankable climate-aligned essential infrastructure projects. The fund is a private debt fund investing in sovereign-backed climate-aligned essential infrastructure in Africa across four impact themes: renewable power, healthy food and water scarcity, sustainable cities, and green transportation.

__Amazonia Impact Fund I__: Through impact-linked debt financing and technical assistance, __Amazonia Impact Ventures__ (AIV) will support indigenous and Amazon-based organizations. The loans have sustainability targets that incentivise biodiversity conservation and forest restoration as well as improving livelihoods. The fund currently operates in the Amazonia region of Peru, Ecuador and Colombia with the intention of expanding to Brazil in the future.

__Client Credit Enhancement Guarantee Fund (CCEF)__: __Ignite Power__ designed the CCEF to accelerate electrification for 600 million people living in rural sub-Saharan Africa. CCEF, a smart, rolling guarantee mechanism, addresses irregular payment patterns, including defaults, to mitigate end-client risk in PAYGO solar projects.

__Climate Collateral Alliance (CCA)__: CCA is a USD 75 million initiative to mobilize blended capital to smallholder farmers and agMSMEs implementing climate smart activities. CCA is an opportunity-led blended investment scheme combining commercial impact capital, credit support, and technical assistance targeting financial institutions in sub-Saharan Africa.

__Smallholder Resilience Ventures (SRV)__: __One Acre Fund__ launched SRV to fill the agricultural financing gap in Africa, enabling SMEs to scale and provide guaranteed premium markets to smallholders growing climate-friendly crops. SRV aims to strengthen value chains and increase farmer income and climate resilience — all while creating investable SME opportunities.

__Sustainable Guaranty Solutions (SGS)__: SGS is designed as a guarantee mechanism that consolidates all the underlying risk mitigation components of a greenfield project into a single completion guarantee. The SGS concept will be implemented through a new company, managed by Albion Capital, designed to underwrite all the construction risks of eligible/approved greenfield projects. 

__About the Catalytic Climate Finance Facility__ 
The Catalytic Climate Finance Facility (CC Facility) accelerates the implementation of high-impact, ready-to-scale financial structures through a suite of services that include grant funding, technical support, and a market-building learning hub. The CC Facility fills a market gap and reduces market fragmentation to mobilize private capital for climate action in developing economies. The CC Facility is a partnership between Climate Policy Initiative and Convergence.

The CC Facility has raised USD 13 million to date and is fundraising for a second round of USD 10 million by September 2024 as we move toward our goal of reaching USD 100 million in size over the next few years. 

__About Convergence__ 
Convergence is the global network for blended finance. On top of market acceleration through its Design Funding program, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Convergence’s global membership includes over 160 public, private, and philanthropic investors as well as sponsors of transactions and funds.

Convergence’s Design Funding Program operates as a market acceleration tool providing early-stage capital to support blended finance solutions in frontier markets and nascent sectors to accelerate the number of investible transactions in market targeting SDGs.

__About Climate Policy Initiative__ 
CPI is an analysis and advisory organization with deep expertise in finance and policy. Our mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, the United Kingdom, and the United States.

CPI serves as the Secretariat for the [Global Innovation Lab for Climate Finance (the Lab)](https://www.climatefinancelab.org/), an incubator program that develops innovative financial mechanisms to drive private investments into climate change mitigation and adaptation in developing economies. 

__MEDIA CONTACTS__ 
Karolyn Xie 
Head of Communications 
Convergence Blended Finance 
karolyn.xie@convergence.finance 

Júlio Lubianco 
Communications Manager 
Climate Policy Initiative 
julio.lubianco@cpiglobal.org 

Sam Goodman 
Communications Associate 
Climate Policy Initiative 
sam.goodman@cpiglobal.org

Catalytic Climate Finance Facility awards USD 2.4 million to inaugural class of blended finance vehicles

Catalytic Climate Finance Facility blended finance vehicles

*San Francisco, Toronto, December 1st, 2023* – The [Catalytic Climate Finance Facility](http://ccfacility.org/) (CC Facility) has secured CAD 1.5 million in funding from the International Development Research Centre (IDRC) to launch its innovative Learning Hub. This investment will kickstart a knowledge-sharing platform to generate and disseminate new evidence on best practices in mobilizing private capital for climate action in developing economies, focusing on sustainable development, just energy transition, gender equality, and local capacity.

“Local knowledge is essential to develop effective climate finance solutions that meet the needs of the communities most affected by climate change,” said __Erin Tansey, director of IDRC’s Sustainable Inclusive Economies program__. "We are thrilled to support the CC Facility's Learning Hub as part of IDRC's CAD 18.4 million investment into 12 clean energy research projects spanning 27 global South countries over the past 2 years intended to bridge the knowledge gap between policymakers and investors."

Launched in May, the CC Facility accelerates the implementation of high-impact, ready-to-scale financial structures through a suite of services that include grant funding, technical support, and a market-building learning hub. It is managed as a partnership between [Climate Policy Initiative](https://www.climatepolicyinitiative.org/) (CPI) and [Convergence](https://www.convergence.finance/), two global leaders in blended and climate finance. 

With an initial pool of USD 12 million raised prior to the IDRC award, the CC Facility will announce its first cohort this week during COP 28. The CC Facility continues to fundraise for a second round of USD 10 million by September 2024 as it moves toward its goal of reaching USD 100 million in size over the next few years.

“We are grateful to IDRC for their support of the CC Facility Learning Hub,” said __Joan Larrea, Convergence’s CEO__. “The Learning Hub will play a critical role in filling information gaps on critical climate finance issues and potential blended finance solutions. We believe the emphasis on bringing out local voices and building local capacity will be a strength of this program.”

The Learning Hub will enhance the CC Facility’s knowledge base and expertise, helping it to develop and implement more effective and efficient programs. Drawing on CPI and Convergence’s extensive data collection and research efforts, the Learning Hub will contribute to accelerating the implementation of financial vehicles, mobilizing private capital, and achieving socioeconomic and environmental impacts.

“The Learning Hub efforts will highlight the business case for commercial and concessional investors to accelerate their deployment of climate finance, especially in the global south,” said __Barbara Buchner, CPI’s Global Managing Director__. “It will also support CC Facility’s grantees and capital providers and the broader climate finance ecosystem, including practitioners leading the development of blended finance structures.”

The Learning Hub’s next steps are to develop a Learning Agenda to guide its goals and activities. Initial thematic priorities will include just energy transition, gender equality and social inclusion, and climate finance acceleration. The research will contribute to building knowledge on how mobilizing private capital for energy access and the energy transition can deliver an impact on gender and social inclusion outcomes, and will incorporate southern-based research institutional perspectives.

__About the Catalytic Climate Finance Facility__

The Catalytic Climate Finance Facility (CC Facility) accelerates the implementation of high-impact, ready-to-scale financial structures through a suite of services that include grant funding, technical support, and a market-building learning hub. The CC Facility fills a market gap and reduces market fragmentation to mobilize private capital for climate action in developing economies. The CC Facility is a partnership between Climate Policy Initiative and Convergence.

__About the International Development Research Centre (IDRC)__

As part of Canada’s foreign affairs and development efforts, the International Development Research Centre (IDRC) champions and funds research and innovation within and alongside developing regions to drive global change. IDRC invests in high-quality research in developing countries, shares knowledge with researchers and policymakers for greater uptake and use, and mobilizes global alliances to build a more sustainable and inclusive world.

__About Convergence__

Convergence is the global network for blended finance. On top of market acceleration through its Design Funding program, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Convergence’s global membership includes over 160 public, private, and philanthropic investors as well as sponsors of transactions and funds.

Convergence’s Design Funding Program operates as a market acceleration tool providing 
early-stage capital to support blended finance solutions in frontier markets and nascent sectors to accelerate the number of investible transactions in market targeting SDGs.

__About Climate Policy Initiative__

CPI is an analysis and advisory organization with deep expertise in finance and policy. Our mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, the United Kingdom, and the United States.

CPI serves as the Secretariat for __the Global Innovation Lab for Climate Finance__ (the Lab), an incubator program that develops innovative financial mechanisms to drive private investments into climate change mitigation and adaptation in developing economies. 

__MEDIA CONTACTS__

Karolyn Xie 
Head of Communications 
Convergence Blended Finance 
karolyn.xie@convergence.finance 

Júlio Lubianco 
Communications Manager 
Climate Policy Initiative 
julio.lubianco@cpiglobal.org

Catalytic Climate Finance Facility launches Learning Hub with CAD 1.5 Million grant from IDRC

Catalytic Climate Finance Facility launches Learning Hub

*San Francisco and Toronto, May 9, 2023* – The Catalytic Climate Finance Facility (CC Facility) launched today an open call for early-stage and market-ready blended climate finance vehicles seeking grant funding and technical support for scaling up. With an initial size of USD 12 million, the CC Facility has plans to increase its funding up to USD 100 million. The CC Facility is a partnership between Convergence and Climate Policy Initiative (CPI), two global leaders in blended and climate finance. 

The CC Facility will select promising solutions to launch and scale through grant funding and dedicated acceleration services to sectors that are severely under-financed in developing countries. There is a special call for ideas targeting climate adaptation for agriculture in Sub-Saharan Africa and South Asia.

“Given the urgency of the latest IPCC report, it is clear that we must develop quality climate solutions that can be launched to market quickly and ensure money is flowing into these projects,” said CPI Global Managing Director Dr Barbara Buchner. “Our approach to the CC Facility draws on over two decades of combined experience from Convergence and CPI, continuing our efforts to bridge the acceleration gap and help scale up solutions faster.”

With funding from three anchor donors, Bill & Melinda Gates Foundation, Global Affairs Canada, and Australia's Department of Foreign Affairs and Trade, the CC Facility targets one of the main barriers in the development process of a climate blended finance idea: the acceleration stage, when solutions face a critical valley of death, taking longer to resume operations due to a lack of support. 

“The CC Facility intends to create investible deal pipeline for mainstream investors by supporting concepts at the acceleration stage,” said Convergence CEO Joan Larrea. “We will leverage the expertise of our two organizations to help early-stage, market-ready solutions scale up quickly, navigate potential pitfalls, and maximize their impact in a changing economic landscape.” 

Convergence and CPI have been working on the investment pipeline issue for years through their respective innovative finance programs, [Design Funding](https://www.convergence.finance/design-funding) and the [Global Innovation Lab for Climate Finance](https://www.climatepolicyinitiative.org/the-programs/the-global-innovation-lab-for-climate-finance/) (the Lab), pushing investible, scaled structures into the market. However, these initiatives are more focused on the earlier stages of the development process, addressing the design and incubation side of the spectrum. The CC Facility is a continuation of this work and a critical next step for solutions to achieve scalability. It aims to be an ecosystem builder and play a key role in mainstreaming climate action, with an emphasis on gender responsiveness and local capacity. 

“Helping developing countries fight climate change and adapt to its effects is critical. This will need both public and private sectors to work together and invest. This initiative will focus on innovative, high impact actions in the areas of clean energy, climate-smart agriculture, and nature-based solutions. Canada is proud to support this initiative and help mobilize the investments needed to urgently fight climate change and build resilience to its effects,” said Cam Do, Director General of Innovative and Climate Finance, Global Affairs Canada.

Concept notes must be submitted on Convergence’s website by June 9 and will be reviewed on a rolling basis.

__About Convergence__

Convergence is the global network for blended finance. On top of market acceleration through its Design Funding program, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Convergence’s global membership includes over 160 public, private, and philanthropic investors as well as sponsors of transactions and funds.

Convergence’s Design Funding Program operates as a market acceleration tool providing early-stage capital to support blended finance solutions in frontier markets and nascent sectors to accelerate the number of investible transactions in market targeting SDGs.

__About Climate Policy Initiative__

CPI is an analysis and advisory organization with deep expertise in finance and policy. Our mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, the United Kingdom, and the United States.

CPI serves as the Secretariat for the Global Innovation Lab for Climate Finance (the Lab), an incubator program that develops innovative financial mechanisms to drive private investments into climate change mitigation and adaptation in developing economies. 

__MEDIA CONTACTS__

__Sijia Yi__ 
Head of Communications 
Convergence Blended Finance 
sijia.yi@convergence.finance 
+1(647) 573-5993

__Júlio Lubianco__ 
Communications Manager 
Climate Policy Initiative 
julio.lubianco@cpiglobal.org 
+55 21 96463-7061

__Sam Goodman__ 
Communications Associate 
Climate Policy Initiative 
sam.goodman@cpiglobal.org 
+506 8833 7435

The Catalytic Climate Finance Facility (CC Facility) launched today an open call for early-stage and market-ready blended climate finance vehicles seeking grant funding and technical support for scaling up. 