WSP's successful fundraise will pave the way for achieving sustainable global impact and resilience in emerging economies
In a milestone achievement, WSP, a leading global consultancy, has played a pivotal role in securing $150 million in equity financing for GAIA's climate-change blended finance platform through a successful Green Climate Fund (GCF) application.
GAIA, a $1.48 billion initiative led by MUFG and FinDev Canada, aims to invest in climate adaptation and mitigation projects across developing countries. WSP's support in obtaining GCF funding underscores its commitment to climate action, demonstrating dedication to finding innovative solutions for emerging and frontier economies.
Melissa Piscetek, Vice President of Climate Finance at WSP, expressed satisfaction, stating, "This project is a testament to WSP's dedication to climate action and our support for our clients and partners in finding innovative solutions for emerging and frontier economies."
Christopher Marks, Head of Portfolio Solutions, Innovative Finance, and Growth Markets for MUFG EMEA, expressed delight, saying, "Benefitting from the expertise and collaboration of all our partners, we look forward to the continued momentum of the platform."
The GAIA platform, focusing on a sustainable and inclusive global economy through blended finance, will provide long-term loans for climate investments benefiting communities and ecosystems. Notably, at least 70 percent of its portfolio investments will be allocated to adaptation projects, addressing critical issues like coral reef protection and sustainable agroforestry.
Paulo Martelli, Vice President and Chief Investment Officer of FinDev Canada, highlighted the significance of the Green Climate Fund's participation, stating, "We know that the mobilisation of private investment is critical to making further progress towards the Sustainable Development Goals and Paris Agreement commitments."
Emphasising the platform's commitment to supporting the most climate-vulnerable communities, at least 25 percent of GAIA's investments will be directed to Least Developed Countries and Small Island Developing States.
WSP's contribution to this landmark initiative aligns with its recognition on TIME's list of the world's best companies and Fortune's Change the World list in 2023, solidifying its commitment to driving social impact and contributing to Environmental, Social, and Governance (ESG) goals.
As WSP continues to collaborate globally, the positive impacts of this initiative on people and the planet are eagerly anticipated, marking a significant step towards a more sustainable future.