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 until April 24, 2024, with reviews conducted on a rolling basis.

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 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 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), 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 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
[email protected]

Júlio Lubianco
Communications Manager
Climate Policy Initiative
[email protected]

Sam Goodman<br Communications Associate
Climate Policy Initiative
[email protected]