The Private Infrastructure Development Group has stated that it would deliver $9bn in commitments and mobilise $25bn in additional finance to benefit 100 million people in emerging markets and developing countries in the battle against climate change.
According to a statement, the group disclosed this during the introduction of its 2030 strategy at a business reception in London recently.
It stated, “Climate and nature, together with sustainable development, are the core focus of the new strategy and will inform all of PIDG’s infrastructure financing and development activities. Working even more systematically in partnership with the private sector, development finance institutions, and providers of catalytic capital will be key to successful delivery.
“Over the last 20 years, PIDG has successfully delivered 211 infrastructure projects, providing 222 million people with access to new or improved infrastructure. It has mobilised $40bn of investment in PIDG projects, of which $25bn were commitments from the private sector. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany and the IFC.”
According to the statement, PIDG’s new strategy is designed to build the momentum it has created while responding to the macro trends that are reshaping the infrastructure market in emerging markets and developing countries.
It added, “Working against this backdrop, PIDG is raising its ambition on the scale of project development it undertakes and introducing new local currency guarantee solutions. It aims to improve climate resilience and economic opportunities for 100 million people by 2030.
“Avoid future greenhouse gas emissions in emerging markets, supporting leapfrogging carbon technologies. Demonstrate how infrastructure can deliver gender equality and inclusive opportunities, alongside nature conservation, restoration, and regeneration.
It further noted that with the new strategy, PIDG would bring together its capabilities.
“This would contribute to increasing the pipeline of projects built to internationally investable standards, unlocking domestic institutional capital for infrastructure investment, deploying commercial and institutional capital in developing and emerging markets through its blended finance structures,” it added.
SOURCE: THE PUNCH
