A new $1 billion climate finance vehicle is putting Africa at the center of its strategy, with plans to channel roughly 40% of its capital into the continent. The Allianz Credit Emerging Markets fund will back projects in renewable energy, climate-smart agriculture, and low-carbon transport, targeting fast-growing economies that face rising climate risks. Anchored by the UK’s British International Investment, the fund has already secured $690 million in commitments, even as US climate financing retreats. That timing matters, as Africa needs an estimated $3 trillion to adapt to and mitigate climate impacts. The fund signals a growing push by the UK to fill critical climate funding gaps.
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