The Emerging Market Climate Action Fund

company 1 Deal 4 Partners

The Emerging Market Climate Action Fund (EMCAF) is a blended finance fund-of-funds managed by Allianz Global Investors, targeting €500 million for climate action infrastructure in emerging markets across Africa, Asia, and Latin America. It invests in other climate funds focused on renewable energy, energy efficiency, and sustainable infrastructure.

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Founded 2021

Investment FundInvestorAsset Manager

Strategic Overview

EMCAF is a blended finance vehicle designed to de-risk climate investments in emerging markets, attracting private capital.
Operates as a fund-of-funds, investing in other specialized climate funds rather than directly in projects.
Key partners include the European Investment Bank (EIB), Green Climate Fund (GCF), and KfW, providing significant institutional backing.

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Deal History (1)

ReNew Green secures $95 million equity investment to expand C&I clean energy business in India

Investor Hybrid India Mar 16, 2026 USD95M

Investment Focus

Technologies

Hybrid1

Geography

India1

Track Record

Deals Completed

Years Active

Detailed Analysis

Sectors

Energy TransitionUtilitiesTransport

Technologies

Solar PVOnshore WindHydropowerEnergy EfficiencyWaste-to-EnergyWater Infrastructure

Geographies

Africa (1 deal)Asia PacificLatin AmericaDeveloping Countries

Deal Stage

GreenfieldBrownfieldOperating

Portfolio Companies

Africa Renewable Energy Fund II (AREF II) — Energy TransitionClimate Investor One (CIO) — Energy Transition

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