DEVELOPMENT BANK OF AUSTRIA INCREASES COMMITMENT TO GCPF
In a clear commitment to climate change mitigation, the Development Bank of Austria (OeEB) has increased its investment in the Global Climate Partnership Fund, adding USD 20 m across different share classes.
GCPF is a public-private partnership founded in 2009 by the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB) and KfW Entwicklungsbank. It currently manages close to USD 670 m of committed capital from both public and private investors.
OeEB has been an investor in GCPF since 2013 and has now increased its commitment by USD 20 m, up 66% to a total of USD 50 m.
This increase in funding comes as a clear commitment to climate change mitigation and financing the SDGs. In 2016, the United Nations identified a need to mobilize USD 100 bn per year by 2020 to address the climate challenge in developing countries.
“OeEB’s main focus is to promote clean energy and energy efficiency in developing countries in order to improve access to energy and help mitigate climate change. GCPF shares these goals which makes it an excellent partner for us. We are happy to continue to work together to create sustainable development and build a greener future,” said Sabine Gaber, member of OeEB’s executive board.
Antoine Prédour, Head of GCPF at the fund’s investment manager responsAbility, underlined: “This increase of funding is a clear expression of trust from an important investor who has witnessed our achievements in financing climate change mitigation over the past five years. There is a world of opportunities in the area, and we look forward to using them to mitigate climate change – together.”
+41 44 403 06 33
Verena Kastner, BA
Oesterreichische Entwicklungsbank AG (OeEB)
+43 1 533 12 00-2993
About Oesterreichische Entwicklungsbank AG (OeEB) (www.oe-eb.at)
Oesterreichische Entwicklungsbank AG (OeEB) has been operating as the Development Bank of Austria since March 2008. It specialises in the provision of long-term finance for the implementation of private sector projects in developing countries which create sustainable development. Additionally, OeEB provides technical assistance, which can be used to enhance the developmental impact of projects.