Allied Climate Partners

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At COP28, Allied Climate Partners joined International Finance Corporation in a climate financing venture to try to generate $11 billion in investments in developing countries.

About Allied Climate Partners

  • It is a philanthropic investment organization.
  • Mission: With a mission to increase the number of bankable, climate-related projects and businesses in emerging markets and developing economies to create significant environmental, economic, and social impact.
  • Its initial focus regions are Southeast Asia, the Caribbean and Central America, Africa, and India.

Key points about International Finance Corporation

  • It was founded in 1956 with Washington, DC as its headquarters.
  • It is a member of the World Bank Group.
  • Mandate: Advance economic development and improve the lives of people by encouraging the growth of the private sector in developing countries.
  • Functions: 
    • It helps countries develop their private sectors in a variety of ways
    • Investing in companies through loans, equity investments, debt securities and guarantees.
    • Mobilizing capital from other lenders and investors through loan participations, parallel loans and other means.
    • Advising businesses and governments to encourage private investment and improve the investment climate.
  • Governance: The IFC is owned and governed by its member countries. It is a corporation whose shareholders are member governments that provide paid-in capital and have the right to vote on its matters.
  • The President of the World Bank Group is also the President of the IFC.

Q1) What Is Philanthropy?

Philanthropy involves charitable giving to worthy causes on a large scale, but it is much more than just a charitable donation. Philanthropy is an effort an individual or organization undertakes based on an altruistic desire to improve human welfare, and wealthy individuals sometimes establish private foundations to facilitate their philanthropic efforts.

Source: COP28: World's top donors join IFC to lure $11 billion in climate cash