Iceland and the Nordic Development Fund (NDF) were confirmed Thursday as the newest members of the Investment Mobilisation Collaboration Alliance (IMCA).
Launched at COP28 by the United States and the Nordic governments, IMCA is a pioneering platform for establishing blended finance solutions to catalyse investments in climate mitigation, adaptation and nature across emerging markets and developing economies.
COP29 in Baku has been dubbed the finance COP, and international collaboration will be critical to unlocking the massive investment needed to secure a net-zero future, particularly in the developing world.
“We are excited to join IMCA to help us further enhance this effort and learn from other Partners to bring the necessary finance into this space and to engage the private sector in scaling up their involvement,” said Elín R. Sigurdardottir, Director General of the Directorate for International Development Cooperation at the Ministry for Foreign Affairs of Iceland.
NDF Managing Director Satu Santala added that, “NDF is very happy and proud to announce its commitment to join IMCA and is already gearing up to get involved at the practical level. We all know that the landscape is fragmented and if we work together, we can find ways to make blended finance work better”
Representatives from each of IMCA’s existing partners were in attendance – the United States, Denmark, Sweden, Finland, and Norway.
The World Climate Foundation and the USAID Climate Finance for Development Accelerator (CFDA) are acting as IMCA’s Operating Partners, with support from the Climate Investment Coalition.
In its first year since inception, IMCA has facilitated successful pipeline information sharing between members and launched two financing windows.
The Blended Finance for Energy Transition (BFET) window facilitated pipeline transaction coordination that helped mobilize $1.4 billion in climate mitigation investments to heavily coal-dependent emerging economies.
While the Adaptation Finance Window (AFW) attracted a competitive set of proposals from asset managers aiming to mobilize $500 million.
IMCA on Thursday also issued a call for proposals and presented a market study for its latest finance window, Greening Value Chains in Africa (GVCA), an innovative initiative aimed at supporting clean energy investments across Sub-Saharan Africa.
Read more about IMCA and IMCA at COP29.
