On December 24, 2025, the Japan International Cooperation Agency (JICA) signed an investment agreement with the Global Subnational Climate Fund SCSp to invest in infrastructure related to combating climate change in developing regions, and held a signing ceremony in Tokyo on April 24, 2026. David Cogut, Co-Managing Partner of Pegasus Capital Advisors, and Shohei Hara, Executive Director of JICA, attended the ceremony on behalf of both organizations.
David Cogut of Pegasus Capital Advisors (right) and Director Hara (left) at the signing ceremony
This project will be funded in collaboration with the Green Climate Fund (GCF), to which the Japanese government will also contribute, and private investors, including Japanese companies, and it is highly significant that a climate infrastructure investment model can be presented using blended finance. This project is also expected to provide support for the Japanese government’s policies and the efforts of Japanese companies to address climate change.
A summary of the business is as follows
1. investment recipient
Global Subnational Climate Fund SCSp (SCF Fund)
2. Target Areas
developing region
3. maximum amount of capital contribution / investment
US$20 million
Project name
Infrastructure Investment Promotion Project for Climate Change
5. Business Objectives
This project aims to expand infrastructure related to climate change countermeasures by investing in infrastructure projects and infrastructure-related companies in the field of climate change countermeasures through investments in the SCF Fund, thereby contributing to the promotion of climate change countermeasures.
6. Business Overview
This is an investment in the SCF Fund, which provides capital for infrastructure projects in the field of climate change countermeasures in the developing regions of Sub-Saharan Africa, North Africa and the Mediterranean, Latin America, and Southeast Asia and the Pacific. The project development, capacity building, and monitoring, reporting, and verification will be supported by the GCF, the Korea International Cooperation Agency, and others through grants, and technical assistance will be provided through the Technical Assistance Facility managed by the International Union for Conservation of Nature.
7. Contribution to SDGs
Goal 13 (take concrete action on climate change)
8. other
The African portion of this project constitutes the “Impact Investing for Development of Emerging Africa (IDEA),” a public-private co-creation impact investment initiative announced by JICA at a side event of the 9th Tokyo International Conference on African Development (TICAD 9) on August 22, 2025. The IDEA initiative is a public-private co-creation impact investment initiative.
Promoting Impact Investment in Africa to Achieve the SDGs
© Source JICA