Global Climate Partnership Fund (IFC-42896)

Regions
  • World
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 29, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
GLOBAL CLIMATE PARTNERSHIP FUND SA SICAV-SIF
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 4, 2020

Disclosed by Bank Jan 17, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

IFC proposed an investment of up to US$100 million in the Global Climate Partnership Fund SA. SICAV-SIF (GCPF or the Fund), a closed-ended debt fund launched in December 2009. IFC's investment will support the Fund in its mission to reduce greenhouse gas (GHG) emissions by fostering energy efficiency (EE) and renewable energy (RE) investments for small and medium enterprises and private households in emerging markets, mostly through Financial Institutions. IFC's investment will also support the Fund in maintaining its funding structure; grow its portfolio of investments; crowd-in additional private sector investors; and contribute to GHG reduction in WBG-eligible borrowing countries globally.

According to the project website:

"The key E&S risks and impacts of this project derive from the Fund Manager’s capacity to identify and manage environmental and social risks and potential impacts associated with its investment activities particularly lending to support renewable energy projects. Activities involving potential impacts on indigenous peoples (or located in areas historically claimed by them), involuntary resettlement, critical habitats, impacts on priority ecosystem services, and impacts on cultural heritage will not be eligible."

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Fund's Investment Manager is responsAbility Investments AG (rA or responsAbility), a leading asset manager with about US$3 billion in assets under management (AuM) across 15 investment vehicles. responsAbility was founded in 2003 and is headquartered in Zurich, Switzerland. It has a long track-record in Micro and SME finance and maintains 10 offices across 4 continents outside its headquarters, with investments in 90 countries. Within responsAbility, GCPF is managed by a core team of experts that combine expertise in investment, energy, technical assistance as well as environmental and social risk management.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

responsAbility Investments AG
Carolina de Azevedo
Senior Manager, Business Development
+41 79 900 7576
carolina.deazevedo@responsAbility.com
Josefstrasse 59, 8005 Zurich, Switzerland
www.gcpf.lu

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works