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.