FP297

Kazakhstan, Mongolia, and Uzbekistan face growing climate risks, including rising temperatures, water stress, and increasing pressure on natural resources, while their energy systems remain heavily reliant on fossil fuels. Despite ambitious national climate targets, private sector investment in low-carbon and climate-resilient solutions remains limited due to high perceived risks, limited access to capital, and a lack of proven investment models in these markets.

The CC Asia Climate Fund (CC-ACF) aims to address these barriers by mobilising private capital to support climate-focused investments across the three countries. The fund will provide equity financing to small and medium-sized enterprises (SMEs) that deploy innovative climate technologies and solutions, particularly in clean energy, energy efficiency, and resource-efficient infrastructure.

In addition to financing, the programme will support investee companies through technical assistance and knowledge sharing to strengthen their capacity to manage climate risks and improve performance. Designed as a first-mover initiative, the fund seeks to demonstrate the commercial viability of climate investments in these markets and to catalyse further private-sector participation.

Over its implementation period, the programme is expected to deliver significant emissions reductions, support over 130,000 direct beneficiaries, and accelerate low-emission, climate-resilient development pathways across Kazakhstan, Mongolia, and Uzbekistan.

The programme was developed under GCF’s Project-specific Assessment Approach (PSAA).