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ARM-Harith has been selected by the Global Innovation Lab for Climate Finance for its 2021 Acceleration Program

9th March 2021

By: Creamer Media Reporter

     

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This article has been supplied as a media statement and is not written by Creamer Media. It may be available only for a limited time on this website.

ARM-Harith Infrastructure Investments Limited has been selected by the esteemed Global Innovation Lab for Climate Finance (the Lab) to join its 2021 cycle. ‘Sustainable Urbanization for West Africa’, leveraging ARM Harith’s proprietary finance solution, is one of six innovative ideas selected via a rigorous process that considered over 160 global applications, tackling investment barriers in key sectors across Africa, Asia and Latin America. ARM-Harith’s chosen solution is a specialty blended currency fund to reduce investment barriers to infrastructure projects that cater to the rapidly growing needs of African urban regions; demonstrating ARM-Harith’s continuing commitment to sustainable infrastructure.

During this 7th year of the Lab’s annual competition, this class of instruments will address barriers that can unlock investment to sustainable development challenges, and opportunities for a post-COVID, green economic recovery, across themes including sustainable energy access, sustainable cities, and food systems streams.

The Lab accelerates investment solutions to support the Sustainable Development Goals in emerging markets by selecting promising, early-stage ideas for sustainable investment, rapidly developing these projects into fundable, scalable investments and business models. The initiative comprises over 60 public and private investors and institutions including the US International Development Finance Corporation, African Development Bank, Norfund, and BlackRock; whilst funded by Bloomberg Philanthropies, Germany’s Federal Ministry for the Environment, Nature Conservation & Nuclear Safety (BMU), GIZ, the Netherlands Ministry for Foreign Affairs, The Rockefeller Foundation, the Swedish International Development Cooperation Agency, and the UK Department for Business, Energy & Industrial Strategy, with Climate Policy Initiative serving as the Secretariat. ARM-Harith and the Lab will work together to convert innovations in finance into investible financial instruments that can be deployed into sectors and regions that need them most.

By 2030, the carbon emissions of sixty-nine sub-Saharan African cities are expected to increase by 61%. Infrastructure investments which incorporate climate change mitigation and adaptation strategies have therefore become crucial for African nations. Clean transport, energy efficiency, and waste management could reduce urban emissions by 50%, and access to finance is vital to achieving this. However, the region faces challenges with attracting private investments at the scale necessary to meet climate goals.
Participation in the Lab’s program will equip ARM-Harith to proffer finance solutions which unlock the necessary large-scale investments for sustainable urbanization in West Africa.

“We are honoured to be selected by the Lab and welcome its support of sustainable urbanization for West Africa,” says Tariye Gbadegesin, ARM Harith’s Managing Director and Chief Investment Officer, “The Lab will serve as a critical enabling platform, allowing us to further build on our commitment to resilient urbanization, whilst developing relationships with potential investors as we employ innovative capital solutions to mobilize much-needed private investments.”

With this selection, ARM Harith’s commitment to investing in climate-conscious infrastructure, in support of the Sustainable Development Goals, will be bolstered through the greening of African cities, prioritizing clean transport, energy efficiency, and waste management. The fund remains dedicated to the growth of sustainable African communities, for better livelihoods today, and for the generations to come.

Edited by Creamer Media Reporter

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