Billion kroner boost for greener future in developing world

Institutional investors agreed today to buy into promoting green technology in developing countries

To reduce global warming in developing countries, institutional investors and the investment fund for developing countries, IFU, agreed to contribute 1.2 billion kroner to the Climate Investment Fund, the Climate Ministry announced today.

The fund will promote and establish Danish climate technology and reduce greenhouse gas emissions in many countries in Africa, Asia, and Latin America, as well as some EU countries. 

Read more: Climate minister sets roadmap for new global climate deal

Fund manager IFU has previously invested in 800 projects in 85 developing countries. As the Climate Investment Fund only covers part of the expenses of the individual projects, the total investment is expected to be worth nearly nine billion kroner, according to the Climate Ministry.

Climate minister proud of collaboration
The investment will help reach the goals of the 2009 COP15 climate conference in Copenhagen, said Climate Minister Martin Lidegaard (R).

"I am proud that we are able to present an agreement with a number of private investors. To reach the goal to raise $100 billion annually from 2020, it is crucial that the private sector becomes involved in the climate agenda," Lidegaard said. "With this initiative, Denmark takes a leading role when it comes to a green transition in the developing countries, which will contribute to reducing global warming and hopefully be an inspiration to others."

The development minister, Rasmus Helved Petersen (R), also has high hopes for the partnership between the public and private investors.

"I have high expectations for this ground-breaking innovative green partnership," he said. "I also hope that this agreement will inspire other countries to make similar financing mechanisms."

In addition to IFU, the investors are the pension funds PensionDanmark, PKA, Pædagogernes Pensionskasse and the investment fund Dansk Vækstkapital.

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