The London Pensions Fund Authority will commit approximately £400m to sectors including energy efficiency and renewables, sustainable industry, transport, reforestation and wetland restoration projects.
The Scatec-owned project in central Egypt, to be operational in 2026, is being fast-tracked as part of efforts to alleviate the country’s energy crisis.
The new facility will support clean energy integration across South Africa, create 20,000 jobs and boost the local economy in the country’s Eastern Cape province.
The fund will provide non-dilutive and subordinated risk capital to SMEs operating in the textile and fashion supply chains in India, Bangladesh, Vietnam and Turkey.
Impact investing consultancy Phenix Capital said uncertainties surrounding national net-zero targets and requirements around the world were among factors giving impact investors food for thought.
The investment was made by Norwegian, Swedish and British development finance institutions to support the development of clean and climate-positive technologies in Africa.
The investment in ReNew Photovoltaics aims to support India’s efforts to strengthen its homegrown supply chain to meet fast-increasing solar power demand.
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