A new set of grants are turning to private capital to tackle one of the great challenges in implementing the Paris climate agreement: finding ways to fund climate adaptation, conservation and mitigation efforts.
Convergence — a platform designed to help create blended capital deals to tackle social or environmental challenges — awarded two grants last week to help usher new financing vehicles through proof of concept and into implementation. The grants are part of 10 million Canadian dollars ($7.6 million) of funding Convergence will distribute, but it is not releasing specific award amounts.
The grants to ADM Capital and NatureVest, the investing arm of the Nature Conservancy, were made with the hope that the new products they’re designing can be replicated and become part of the arsenal of financing tools necessary to tackle climate change.
About the author
Adva Saldinger@AdvaSal
Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.
