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Equity Participation in Fund Investing in Climate Infrastructure in Developing Countries under GREEN Operations
Contributing towards Reducing Carbon Emissions by Mobilizing Private Capital in Cooperation with Foreign Government Organizations

  • Region: Others
  • Environment
  • Equity Participations
July 8, 2021
  1. Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on July 1 an agreement for equity participation in the Climate Finance Partnership Fund SCSp (the Fund) of Luxembourg. The Fund is targeting to raise at least USD500 million, towards which JBIC plans to invest up to USD30 million.
      
  2. The Fund, formed and managed by US-based asset management firm BlackRock’s subsidiaries, will invest in climate infrastructure in developing countries*1, and JBIC participates in the Fund under its GREEN operations*2. Other equity participants in the Fund include the French Development Agency (AFD), KfW Development Bank (KfW), and as Japanese institutional investors, Dai-ichi Life Insurance and Mitsubishi UFJ Financial Group, as well as JBIC. BlackRock has been focusing on investing in climate infrastructure assets in OECD countries, and the Fund will be the first of its kind that focuses on developing countries.
      
  3. Currently, investments made in developing countries’ infrastructures by private institutional investors including those from Japan are limited, due to relatively higher risk pertaining to politics, regulations, macroeconomic stability, etc. Under these circumstances, the Fund aims to mobilize private capital by appropriately allocating risks and returns between government organizations including JBIC, and private institutional investors, and by utilizing government organizations’ knowledge of infrastructures in developing countries. Furthermore, JBIC’s equity participation is expected to contribute towards reducing carbon emission through the efforts of the Fund.
      
  4. The Fund aims to contribute toward achieving the Sustainable Development Goals (SDGs) set out by the United Nations by creating a measurable and positive impact on the environment and society through investments in climate infrastructure assets. The Government of Japan established the SDGs Promotion Headquarters based on a cabinet decision made in May 2016 and has been making efforts domestically and internationally since then. The Fund is in line with the relevant policies of the Government of Japan.
      
  5. As Japan’s policy-based financial institution, JBIC will continue to support global environmental preservation efforts in developing countries by drawing on its various financial facilities, including an equity participation function.
      
Note
  1. *1 
    Developing countries refer to the countries and territories in the DAC List of ODA Recipients published by the OECD.
  2. *2 

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