WAIPA and 15 heads of investment agencies call for climate-aligned FDI coalition

The heads of 15 investment promotion agencies (IPAs) collectively representing 1.8 billion citizens - including Invest Cyprus - together with the World Association of Investment Promotion Agencies (WAIPA) have called for a new climate-aligned foreign direct investment (FDI) coalition.

They claim such a collation could help IPAs anchor climate finance in tangible domestic green growth projects in a way that best serves local communities. Coalition members could exchange best practices and work together on unlocking capital flows for climate action.

“The world is facing a daunting climate finance gap – particularly in developing countries where this stands at US$5.8-5.9 trillion by 2030,” Invest Cyprus said in a blog on its website. “FDI can increase the pool of private capital for investments related to climate mitigation and adaptation.”

It added that IPAs can help dock FDI into tangible domestic green growth projects and work with investors on supporting their green investment goals. “A new Climate FDI Coalition can help IPAs share good practices and ideas to do so, by building on a guidebook released last year with inputs from over 100 experts,” said Invest Cyprus (access the guidebook here)

Signatories of the call for Climate FDI Coalition represent 1.8 billion citizens, across all regions:

Sheikh Ali Alwaleed, Al-Thani, Chief Executive Officer, Investment Promotion Agency of Qatar (Invest Qatar)
Antti Aumo, Executive Director, Invest in Finland
JP Braga, Chief Executive Officer, InvestMinas (Brazil)
Carmen Caballero Villa, President, ProColombia
Russell Curtis, Chief Executive Officer, Invest Durban (South Africa)
A. Burak Dağlıoğlu, President, Investment Office of the Presidency of Türkiye
Ismail Ersahin, Chief Executive Officer, World Association of Investment Promotion Agencies (WAIPA)
Francis Gatare, Chief Executive Officer, Rwanda Development Board (RDB)
Yofi Grant, Chief Executive Officer, Ghana Investment Promotion Centre (GIPC)
Achim Hartig, Managing Director, Germany Trade and Invest (GTAI)
Tae Hyung Kim, PhD Commissioner, Invest KOREA
Nivruti Rai, Managing Director, Invest India
Wrenelle Stander, Chief Executive Officer, Wesgro (South Africa)
Marios Tannousis, Chief Executive Officer, Invest Cyprus
Nangula Nelulu Uaandja, Chief Executive Officer, Namibia Investment Promotion and Development Board (NIPDB)
Simone Wyss Fedele, Chief Executive Officer, Switzerland Global Enterprise (S-GE)

“Going forward, the co-signatories will explore how a Climate FDI Coalition could work, and what types of collaboration it could be used for,” said Invest Cyprus, adding that the Forum is also working with investment authorities in Brazil and Namibia around specific actions to grow climate FDI, building on earlier sustainable investment pilots in Cambodia, Ghana, India, and Kenya.