CIP sets up 'world's largest fund' to finance 10GW renewables in booming middle-income countries - Recharge
CIP sets up 'world's largest fund' to finance 10GW renewables in booming middle-income countries | Recharge
Copenhagen Infrastructure Partners (CIP) during the UN Climate Change Conference (COP28) in Dubai has launched a new $3bn fund to deliver renewable energy projects in high-growth middle-income countries reflecting over $10bn in capital investment.
The sum is slated to enable more than 10GW of offshore and onshore wind, solar PV, energy storage and power-to-x projects in highly selected markets across Asia, Latin America Europe and the Middle East (EMEA).
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”