The city of Paris, in partnership with French public financial institution Caisse des Dépôts, has built an investment fund aimed to finance innovative solutions that will help the French capital achieving its goal of being carbon-neutral by 2050.
This fund is designed to welcome both public and private assets.
A request for proposals will be launched and an asset manager will be selected at the start of 2018 while the first investments are understood to be made at the end of next year.
The Caisse des Dépôts will be responsible for the financial engineering of the fund, backed by the French environment and energy management agency Ademe and Paris financial place association Paris-Europlace.
Ademe will be associated to the governance of the fund and will advise on the choice of the companies that will be selected in the fund.
Gérard Mestrallet, chairman of Paris-Europlace, said the vehicle will be promoted by Finance for tomorrow, which promotes sustainable finance at a global scale.