DLA Piper advises Foreign, Commonwealth & Development Office on multi-donor climate financing facility
Global law firm DLA Piper today announces that it has advised the Foreign, Commonwealth & Development Office (FCDO) on its participation in The Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP).
Under the IF-CAP arrangements, which were announced at a kick-off event at COP29 in Baku, the UK Government is the third largest donor country, committing to a risk participation of USD280 million at no upfront cost to the UK. With a multiplier effect of 4.5, the UK's participation will facilitate a total of USD1.2 billion of climate finance to be deployed by the Asian Development Bank (ADB) to fund adaptation and mitigation projects.
IF-CAP, a multi-donor programme developed by ADB together with the donor countries, is designed to support the deployment by ADB of finance for accelerated action against climate change across Asia and the Pacific region. It is an innovative risk transfer programme, responding directly to the Group of Twenty (G20) recommendations that MDBs increase their lending through novel approaches such as risk transfers. IF-CAP aims to create a USD2.5 billion fund to facilitate over USD11 billion of climate finance for the region.
DLA Piper also advises organisations across the world to develop and deploy projects supporting the energy transition. Alongside, the firm's award-winning pro bono practice has supported nation states to ensure their challenges and opportunities are heard during climate negotiations.
Mark Dwyer, Global Co-Chair for Financial Services, commented: "We are delighted to have supported the FCDO in working together with ADB and the other donor governments to bring IF-CAP to a successful conclusion and look forward to seeing the roll-out of successful adaptation and mitigation climate lending enabled by IF-CAP over the coming years"
Matthias Schemuth, partner in DLA Piper's Finance practice, commented: "The UK government has a strong background in supporting climate-related projects, and this latest commitment will enable it to further increase the support it offers to nations across Asia and the Pacific region. With additional support from the ADB, funding will be directed towards creating the greatest climate impact for communities across the region."
Jean- Pierre Douglas Henry, Managing Director for Asia-Pacific and Sustainability, added: "More immediate action is needed to channel finance to nations on the front line of combatting climate change. DLA Piper has a strong background in delivering this objective and has advised nation states on their sustainability and climate challenges, including Pacific Island nations. Through programmes such as IF-CAP, the public and private sector can effectively come together to fund innovative climate solutions”.
DLA Piper was recognised as the No. 1 law firm for ESG impact out of 1000 firms in the world by Impactvise in their inaugural index and we are the first law firm to have been awarded the Terra Carta Seal by the Sustainable Markets Initiative, founded by His Majesty King Charles III. We have been recognised by inspiratia for advising on more renewable energy deals and projects than any other law firm in the world and for advising on more Corporate PPAs than any other firm in Europe.
