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FOR IMMEDIATE RELEASE
Contact: James Pippim
Email: james@candidegroup.com
AFTERGLOW CLIMATE JUSTICE FUND ANNOUNCES FUND’S FIRST CLOSE
Candide Group's loan fund deploys capital to organizations serving communities living in persistent poverty, facing high energy costs, lacking access to clean transportation, and disproportionately suffering from the effects of extreme weather.
[OAKLAND, CA November 7, 2023] Candide Group has completed a $36 million first close for a new catalytic debt fund for climate justice projects —the Afterglow Climate Justice Fund (ACJF) – with participation from investors including Builders Vision, Ceniarth, ImpactAssets, the Grove Action Fund, the John D. and Catherine T. MacArthur Foundation, the McKnight Foundation, the Roy and Patricia Disney Family Foundation, the Schmidt Family Foundation, the Sobrato Family Foundation, and the Social Finance Impact First Fund. The fund intends to have subsequent closes in 2024 to deploy at least $50M and up to $100M into climate projects that create access and benefit for historically marginalized communities.
“To achieve climate justice, clean energy and energy efficiency solutions must be developed in partnership with communities most affected and deployed in such a way that everyone has full and equitable access,” said John Balbach, Director of Impact Investments at MacArthur, a lead investor in the Fund. “The Candide Group is deeply committed to climate justice, and this catalytic capital will help them advance this mission.”
The Afterglow Climate Justice Fund prioritizes loans to institutions that increase access to technologies that reduce energy burdens, improve access to low-emissions transportation, add community resilience to extreme weather, support proximate ownership & leadership, and create quality green jobs. ACJF’s name, “Afterglow,” comes from the Afterglow Collection, a compilation of short stories offering sobering yet hopeful visions of a future where those most harmed by the effects of climate change are surviving and thriving.
This work will expand the reach of climate solutions to frontline communities, provide capital for emerging financing models, and support developers based in communities most affected by climate change. “To equitably address the magnitude of climate change, we must build in partnership with families and communities that have been disproportionately harmed,” notes Managing Director Neal Parikh.
The Fund aspires to honor stakeholders touched by the ACJF’s activity through community participation in decision-making. To ensure this is done in a consistent and genuine way, the ACJF has established a Community Advisory Board that places community at the center of governance and strategic development. Andrea Sanchez Davidson joined the Community Advisory Board for the opportunity to bring racial justice and collective impact perspectives to potential investments.
“We can’t save the planet or improve individual communities without addressing the systems that actively work against sustainability, including the exploitation of workers and the perpetuation of racial injustice,” states Sanchez Davidson.
The ACJF believes that, when directed intentionally and thoughtfully, climate capital can lead to increased community well-being. “In unprecedented times, we have the opportunity to boldly flow capital for unprecedented impact — saying ‘yes’ to both critical experiments and proven solutions for the climate future we all deserve,” says Candide Group’s Director of Impact, Jasmine Rashid.
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If you would like more information about this topic or are seeking funding, please contact james@candidegroup.com.
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