Green Climate Fund is a Core Backer of the Energy Access Relief Fund
Posted on 09/19/2021
Earlier this month, the Green Climate Fund (GCF) financially backed the US$ 80 million Energy Access Relief Fund (EARF). EARF will keep clean energy companies financially solvent by providing them with short-term loans. Green Climate Fund is the largest contributor to EARF, providing a US$ 30 million investment. While the relief fund covers Africa and Asia, GCF funding is focused on maintaining mitigation momentum in nine sub-Sharan Countries which face acute challenges in tackling climate change. In sub-Saharan Africa, 548 million people do not have access to electricity, according to the GCF. EARF aims to provide relief capital in the form of short-term loans to an estimated 90 energy access companies in sub-Saharan Africa and Asia still struggling with disruptions wrought by COVID-19.
Social Investment Managers and Advisors (SIMA) is the manager of the EARF.
Other investors in the fund include Acumen, CDC Group, FMO, IKEA Foundation, International Finance Corporation (IFC), Power Africa, Shell Foundation, Swedish International Development Cooperation Agency (SIDA), Social Investment Managers and Advisors (SIMA), Swiss Agency for Development and Cooperation (SDC), The Rockefeller Foundation, USAID, U.S. Development Finance Corporation (DFC), U.K. Aid, and World Bank Group.