GCF accredits Macquarie to develop partnership in climate investments

The Green Climate Fund (GCF) has further advanced its ability to address climate action by signing an agreement with its first Australia-based global private sector partner.

The Accreditation Master Agreement with Macquarie Alternative Assets Management Limited (MAAML) allows GCF to draw on the investment experience and capabilities of Macquarie Group (Macquarie), which operates in 31 markets around the world and is a global leader in green finance and infrastructure.

The agreement means that MAAML, which is a wholly-owned subsidiary of Macquarie, 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, noted that GCF has already established a strong record of climate collaboration with Macquarie in joining with its Green Investment Group (GIG) 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,” he said.

Ben Barry, MAAML Executive Director, said that the most effective approach to achieving our collective, global decarbonisation ambitions is through strong partnership between the public and private sectors.

“We are pleased to bring our experience in green finance, infrastructure and renewable energy project development together with the GCF, to support developing countries in de-risking projects that respond to climate change,” he said.

Macquarie is a founding member of the Climate Finance Leadership Initiative (CFLI), set up by Michael Bloomberg at the beginning of 2019 to mobilise private finance in the transition to a low-carbon economy in line with the Paris Agreement goals. Macquarie CEO Shemara Wikramanayake is also a Commissioner of the Global Commission on Adaptation, a World Bank-led initiative which seeks to accelerate climate adaptation action and create concrete solutions which enhance resilience.