IMCA

The Investment Mobilisation Collaboration Alliance (IMCA)

A Joint Collaboration on Mobilising Climate Finance to Emerging and Developing Markets

Denmark, Finland, Sweden, Norway, Iceland, and the Nordic Development Fund are spearheading a unique global partnership and pioneering solutions platform on mobilising large-scale private climate financing at speed and scale for emerging markets and developing countries.

The Alliance aims to mobilise billions of EUR in private capital to de-risk climate investments in mitigation, adaptation, biodiversity and nature by 2030.

The Investment Mobilisation Collaboration Alliance (IMCA) is an international coordination mechanism that uses concessional finance to de‑risk climate investments in EMDEs, enabling the mobilisation of private capital at scale and speed.

Launched at COP28 by the US and Nordic governments, IMCA responds to the massive climate‑finance gap in EMDEs and supports global commitments: including the UNFCCC target to mobilise at least USD 1.3 trillion by 2035 and the post‑COP29 New Collective Quantified Goal.

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Partners

Observers

Objectives

IMCA seeks to raise concessional catalytic donor financing on the scale of millions of EUR and through this attract billions of EUR from institutional and other private investors towards investments in EMDEs. Working directly with the Ministries of Foreign Affairs and development agencies of multiple countries, IMCA is positioned as a key mechanism to leverage blended finance and scale up private capital mobilisation.

The approach of IMCA is to enhance collaboration across leading countries, Development Financial Institutions (DFIs), philanthropies, and commercial investors through joint funding windows and coordinated due diligence for investing in climate mitigation and adaptation, and in due course other Sustainable Development Goals.

Blended Finance for Energy Transition (BFET)

At COP28 IMCA launched its first funding window, the Blended Finance for Energy Transition (BFET), as a pilot process for collaborative tendering between the U.S. Department of State in partnership with USAID and the Government of Denmark together with Impact Fund Denmark. Together the countries committed ≈20 million EUR in catalytic capital to help mobilise over EUR 100 million to be invested in climate mitigation mainly in JET-P countries. Two funds were selected as finalists and financial closing is currently ongoing to mobilise private capital. As of January 2026, one of the funds chosen under the BFET window, ResponsAbility’s Asia Climate Fund, mobilised over 170 million EUR in private capital, nearing 390 million EUR in total investments at their fifth closing.

Adaptation Finance Window (AFW)

The second tendering collaboration and IMCA funding window, the Adaptation Finance Window (AFW), launched a call for proposals during COP28 with an initial commitment of ≈43 million EUR in guarantees and technical assistance grants from the Swedish International Development Cooperation Agency (SIDA) and Impact Fund Denmark. The AFW has a target mobilisation of around 345 million EUR private capital, leveraging the guarantees provided. The window attracted a competitive set of proposals from over 40 asset managers, many of which had a strong track record. 3 finalists were selected, including Lightsmith’s SCALE vehicle. In September 2025, NORAD joined IFDK and SIDA as a co-funder.

Greening Value Chains for Africa (GVCA)

The third funding window launched a call for proposals at COP29. The Greening Value Chains for Africa (GVCA) tendering collaboration will source, shape, and implement partnerships that invest in the sustainability and expansion of higher-value economic activities across energy transition value chains in Africa. This window aimed to combine ≈9 million EUR in concessional grants from USAID with ≈52 million EUR in guarantees, first loss equity, and technical assistance grants from Sweden, Norway, and Denmark. Following the termination of USAID in early 2025, no finalists have been selected yet.

Adaptation Finance Window for Africa (AFWA)

The fourth funding window, the Adaptation Finance Window for Africa (AFWA), was launched at COP30. The Nordic Development Fund (NDF), Denmark, and Iceland announced their joint contribution to this initiative, which will provide around €40M in catalytic capital and technical assistance grants to strengthen climate resilience across Sub-Saharan Africa. The window aims to support up to three investment vehicles. Finalists will be selected throughout 2026 and announced at COP31.

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Achievements

Organisation

IMCA is a collaborative partnership between the Ministry of Foreign Affairs of Denmark along with Impact Fund Denmark, the Ministry for Foreign Affairs of Sweden along with the Swedish International Development Cooperation Agency (SIDA), the Ministry for Foreign Affairs of Finland, the Norwegian Agency for Development Cooperation (NORAD), the Ministry for Foreign Affairs of Iceland, and the Nordic Development Fund (NDF). USAID was one of the founding partners of IMCA from its launch in 2023 until February 2025, when its participation ended following U.S. presidential general directives towards USAID.

Current observers include Global Affairs Canada (GAC), the UK Foreign, Commonwealth and Development Office (FCDO), ClimateWorks Foundation, the Global Environment Facility (GEF), and Convergence. Dialogues with additional donor countries are ongoing and the initiative welcomes new partners.

World Climate Foundation is acting as IMCA’s Secretariat, with support from Magnitude Global Finance, which is continuing the collaborative tendering and transaction advisory work formerly financed by USAID.