Washington,DC | April 30, 2025 — Convergence announces the fifth and final cohort of its Gender-Responsive Climate Finance (GRCF) Window, at a special event hosted at the Embassy of Canada to the United States, on the sidelines of DC Climate Week. Two innovative blended finance solutions have been awarded grants for proof-of-concept and feasibility study, targeting gender-equitable climate action across the Pacific Islands and Sub-Saharan Africa.
The GRCF Window supports pioneering blended finance solutions at the intersection of gender equality and climate change in emerging markets. Its mission is to mobilize private sector capital at scale to fund climate mitigation and adaptation projects that are inclusive and gender-responsive.
“This final cohort illustrates the breadth of blended finance solutions at the intersection of gender and climate,” says Convergence Senior Director, Market Acceleration and Design Innovation, Leah Pedersen. “These vehicles will create meaningful impact for women in emerging markets, providing much needed opportunities and support while advancing key climate goals with positive regional and global outcomes.”
Funded by Global Affairs Canada, the GRCF Window has supported 11 blended finance solutions with a total of $2.9 million in committed capital. To date, these solutions have mobilized $362 million in additional capital from public, private, and philanthropic investors. While this marks the final round of funding, Convergence continues to provide hands-on portfolio support to grantees to help bring their concepts to market.
Introducing the Grantees
Matanataki Pte. Ltd. has been awarded a proof-of-concept grant to develop and launch Matanataki Pacific Fund 1, a blended equity fund providing risk capital to reef- and ocean-positive small and medium-sized enterprises in the Pacific Islands. The fund will target the waste management, agriculture, fisheries, and tourism sectors, with a strong focus on gender equity. It will prioritize women-led businesses, promoting financial inclusion, leadership opportunities, and access to resources. The fund aims to include 50% women-led businesses in its pipeline of companies, support 1,200 metric tons per year of sustainably sourced seafood, conserve and restore over 17,000 hectares of marine area, divert 57,000 metric tons of green waste from landfills into fertilizer, train approximately 1,400 small farmers in reef-positive farming practices, and engage with 39 local partners.
This grant will support stakeholder engagement, development of governance and policy frameworks, legal and fund structuring, impact and gender action planning, design of a technical assistance facility, and readiness for fund launch.
Alitheia has been awarded a feasibility study grant to design the Eco Equity Investment Company (EEIC), a dual blended finance vehicle focused on reducing Africa’s gendered housing deficit. The vehicle will initially target Nigeria's housing market, investing in women-led or women-supportive businesses across the green construction value chain, promoting access to affordable and sustainable housing for women while mitigating climate impacts through reduced emissions and resource-efficient building practices. The EEIC aims to mitigate 500,000 metric tons of CO2 equivalent greenhouse gases over the project’s life cycle, support training for at least 300 women entrepreneurs in adopting sustainable practices, and deliver approximately 2000 passive homes to low income communities while ensuring home ownership remains with women.
With this grant, Alitheia will finalize vehicle structuring, conduct viability and market studies, build a financial model, complete risk analysis, develop an incubator pipeline, engage stakeholders, and advance fundraising efforts.
About Convergence
Convergence is the global network for blended finance. Convergence’s Blended Finance Accelerator supports blended finance practitioners with design grants, acceleration support, and market intelligence to scope, structure, and launch new blended finance solutions that unlock commercial investment to accelerate sustainable development in emerging markets.
On top of market acceleration through its Blended Finance Accelerator, 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.
Media Contact
Sijia Yi
Head of Communications, Convergence Blended Finance
[email protected]
