WASHINGTON, D.C. — WSP, a leading engineering, environment and professional services consultancy, supported the GAIA platform with a successful Green Climate Fund (GCF) application, which included securing USD $150 million in equity financing for the platform.
GAIA is a $1.48 billion climate-change blended finance platform led by MUFG, one of the world's leading financial groups, and FinDev Canada, Canada’s bilateral development finance institution that will invest in climate adaptation and mitigation projects in developing countries.
“We are pleased to have supported GAIA in securing GCF funding, which aids in the overarching ambition to enable climate-change action in up to 25 developing countries across Asia, Africa, Latin America and the Caribbean,” said Melissa Piscetek, vice president of climate finance at WSP. “This project is a testament to WSP’s dedication to climate action and our support for our clients and partners in finding innovative solutions for emerging and frontier economies. WSP is proud to be part of this landmark initiative and we look forward to its positive impacts on people and the planet.”
“We are delighted to have WSP onboard to support GAIA’s objectives to drive a more sustainable and inclusive global economy through blended finance,” added Christopher Marks, head of portfolio solutions, innovative finance and growth markets for MUFG EMEA. “Benefitting from the expertise and collaboration of all our partners, we look forward to the continued momentum of the platform.”
“The Green Climate Fund’s participation in the GAIA platform is an important step in the implementation of this ambitious and innovative platform,” said Paulo Martelli, vice president and chief investment officer of FinDev Canada. “We know that the mobilization of private investment is critical to make further progress towards the Sustainable Development Goals and Paris Agreement commitments.”
The GAIA platform will provide long-term loans for climate investments that will benefit communities and ecosystems. The platform will allocate at least 70 percent of its portfolio investments to adaptation projects—such as investment in coral reef protection, improvement of farm- and land-management practices in regions experiencing drought and flood acceleration, and sustainable agroforestry.
Further, at least 25 percent of GAIA’s investments will be allocated for Least Developed Countries and Small Island Developing States, which will ensure that the platform supports the most climate vulnerable communities.
About WSP in the U.S.
WSP USA is the U.S. operating company of WSP, one of the world’s leading engineering, environment and professional services firms. Recognized in 2023 on TIME’s list of the world’s best companies and Fortune’s Change the World list, WSP is driving social impact and commitment to ESG. WSP in the U.S. brings together engineers, planners, technical experts, strategic advisors and construction management professionals who are dedicated to collaborate in the best interests of serving local communities. WSP designs lasting solutions in the buildings, transportation, energy, water and environment markets. With approximately 14,000 employees in 300 offices across the U.S., WSP partners with its clients to help communities prosper. wsp.com
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