2026.04.28
On December 24, 2025, the Japan International Cooperation Agency (JICA) signed an agreement with Global Subnational Climate Fund SCSp for Climate Infrastructure Investment Promotion Project under the Private Sector Investment Finance scheme. A signing ceremony was held in Tokyo on April 24, 2026. Representing both organizations at the ceremony were Co-Managing Partner David Cogut of Pegasus Capital Advisors and Senior Vice President Hara Shohei of JICA.
JICA Senior Vice President Hara (left) and Pegasus Capital Advisors CEO David Cogut (right) at a ceremony
This initiative involves contributing to the fund in coordination with the Green Climate Fund (GCF), to which the Japanese government also contributes, and private investors including Japanese companies. Presenting a climate infrastructure investment model utilizing blended finance is highly significant and is expected to bolster climate-related policies of the Japanese government and climate actions of Japanese companies.
The project outline is explained below.
1. Investee
Global Subnational Climate Fund SCSp
2. Country (Target Areas)
Developing Region
3. Commitment Amount
20 million USD
4. Project Title
Climate Infrastructure Investment Promotion Project
5. Project Purpose
The objective of the Project is to expand climate infrastructure by investing in climate infrastructure projects and climate infrastructure-related companies through investment in the fund, thereby contributing to the promotion of climate actions.
6. Project Component
The investment will be made in the fund, which provides investment in climate infrastructure projects in developing regions including Sub-Saharan Africa, North Africa/Mediterranea, Latin America, and Southeast Asia/Pacific. In addition, technical assistance for project development, capacity building, monitoring, reporting, and verification will be provided through the Technical Assistance Facility managed by International Union for Conservation of Nature, which is supported by grants from the institutions such as GCF and the Korea International Cooperation Agency.
7. Contribution to SDGs
Goal 13 (Climate action)
8. Reference
Investment in Africa under this project forms a part of the Impact Investing for Development of Emerging Africa (IDEA) Initiative announced by JICA at a side event during the 9th Tokyo International Conference on African Development (TICAD9) on August 22, 2025.
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