At COP28, donors join IFC to lure $11bln in climate cash

At COP28, donors join IFC to lure $11bln in climate cash

DUBAI,  - Some of the world's biggest charities have joined forces with the World Bank's private investment arm in a climate financing venture to try to generate $11 billion in investments in developing countries.

Launching the Allied Climate Partners (ACP) platform on Friday, the group aims to use an initial $825 million to attract far more private cash than any previous blending of public and private money of this kind has managed.

Getting more money to poorer countries to help them shift to a low-carbon economy - total climate-related investment needs are estimated at $2.4 trillion annually - is a central theme of the COP28 climate talks in Dubai.

Mark Gallogly's Three Cairns Group and the Bezos Earth Fund are among the charitable donors that aim to seed the ACP with $235 million, with a further $590 million expected to come from investors including the World Bank's International Finance Corporation.

Jamie Fergusson, IFC's Global Head of Climate Business, told Reuters ACP was one of the biggest entries of philanthropic capital into a world that has been overly reliant on sovereign sources.

"In the absence of sufficient flows from north to south, getting leverage out of the pockets of blended finance