When it comes to climate change, poor countries face a double whammy: Not only do they experience some of the worst impacts of global warming, they then struggle to access the big sums of money needed for climate solutions because of risk-shy investors. A new company wants to change that.
The Green Guarantee Company (GGC), which is based in the UK and launched Friday, has raised an initial $100 million with the goal of dramatically reducing the risk for private investors seeking to fund renewable energy and other climate projects in developing countries. The company’s early investors include the national governments of Nigeria, Norway, the UK and the US, as well as the United Nations-backed Green Climate Fund, which was set up to help developing nations meet their climate goals. ADVERTISEMENT CONTINUE READING BELOW “There are very, very good companies in emerging markets that are simply trapped by the sovereign ratings they are dealing with,” said company co-founder Lasitha Perer
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