Baku, 13 November 2024 – At COP29, Canada’s bilateral Development Finance Institution, FinDev Canada, MUFG Bank, Ltd. (MUFG), the Green Climate Fund (GCF) and Climate Fund Managers are near to reaching an agreement towards launching GAIA, a US$ 1.48 billion blended finance platform that aims to support high-impact climate adaptation and mitigation projects in up to 25 emerging markets and developing economies, marking a significant mobilization of climate finance.  The platform is structured to accelerate the availability and accessibility of long-term loans for climate projects. GAIA will target 25 emerging market countries in Latin America, Africa and Asia with a focus on Least Developed Countries and Small Island Developing States, with 70% of the portfolio for climate adaptation projects and 30% for climate mitigation projects. The GAIA platform seeks to demonstrate how a blended finance structure that combines commercial, concessional, and grant capital can catalyze private finan