Green Climate Fund accredits Australia’s Macquarie to boost climate investments

Climate investments can green the economy. Photo by Dan Freeman.

The Green Climate Fund (GCF), a climate investment fund for developing countries, has signed an agreement with its first Australia-based global private sector partner.

The United Nations Framework Convention on Climate Change (UNFCCC) set up the GCF in 2010. Its goal was to help developing countries reduce their greenhouse gas emissions and respond to climate change.

With the agreement, Macquarie through its subsidiary can now propose climate projects to GCF that would access the Fund’s financial reserves.

Tony Clamp, acting Director of GCF’s Private Sector Facility, said that the Green Climate Fund has already built a climate collaboration with Macquarie and other financial institutions to help Mongolia establish a green bank.

“We look forward to strengthening our relationship with Macquarie by working together on new climate projects that forge private sector investment opportunities fostering low-emission growth and climate resilience in developing countries,” Clamp said in a statement.

Tony Clamp, green climate fund

Macquarie is a founding member of the Climate Finance Leadership Initiative, set up by Michael Bloomberg in 2019 to mobilise private finance in the transition to a low-carbon economy or climate investment, according to the statement.