Deutsche Bank : signs master agreement with UN Green Climate Fund

Established by the United Nations, the Green Climate Fund works with a range of governments, development banks, NGOs and private investors to bring to life projects and programmes with a climate change focus.

As part of the Accreditation Master Agreement, Deutsche Asset Management will have the right to receive and use Green Climate Fund capital for specifically approved climate change initiatives in developing countries. It will also be able to raise further funds from private sector investors.

Significantly, Deutsche Bank is only the second commercial bank to sign an AMA with the GCF.

Nicolas Moreau, Head of Deutsche AM and Member of the Management Board, signed the agreement in London today with Howard Bamsey, Executive Director of the GCF's Secretariat.

At the signing in London (l-r): Michael Hoelter and Nicolas Moreau (Deutsche AM), together with Howard Bamsey (GCF)

Moreau said the partnership was an important step in Deutsche AM's effort to tackle climate change: 'We are pleased to work with GCF to mobilise private sector capital and increase contributions to climate financing for adaptation and greenhouse gas mitigation measures in developing countries.'

Bamsey, added: 'This signature marks a milestone for GCF as it unlocks the broad international expertise of Deutsche Bank in directing private investment flows toward climate action. It follows GCF's recognition of the essential role of the private sector in filling climate finance gaps.'

The first project proposal from Deutsche Bank - the Universal Green Energy Access Programme - was approved by the GCG in 2016. Deutsche AM's Sustainable Investments business, which manages environmental and social assets, developed and will operate the programme.

Combining capital from the GCF with private sector investment, the programme will finance renewable electricity access for nearly half a million people and small and medium-sized enterprises in cooperation with local banks in Africa.

The GCF's anchor investment of 78.4 million dollars allows the Sustainable Investments team to raise a total of 300 million dollars.

The proposal has been endorsed by the Governments of Benin, Kenya, Namibia, Nigeria and Tanzania, which is where the programme will initially focus its investments in the first three years. It will be expanded thereafter to other African countries.