CoAct Database

Subnational Climate Fund (SCF)

The goal of the SCF is to catalyse climate mitigation and adaptation solutions at the subnational level through a transformative finance model. The model is designed to attract public and private investment and to deliver certified climate and Sustainable Development impacts and Nature-based Solutions. The subnational level is key: 70% of known climate solutions are located within the remit of subnational authorities. Significant additional investment is needed in this sector to achieve the climate goals of the Paris Agreement. The SCF presents a positive disruption on how subnational climate projects should be structured, de-risked, and funded by both public and private investors, while monitored and benchmarked at the highest level of rigour and quality.

Activity period	2021–present
Last CoAct update	2025
Web URL	https://www.subnational.finance/
Output effectiveness	0.00
Accountability Index	0.70
Inclusiveness Index	0.38
Num. actors	42
Functions	Technical implementation, Institutional capacity building, Funding
SDGs
Themes	land use, water, human settlements, energy, resilience
Policy focus	Equal focus
Sectors	Agriculture, forestry and fishing, Electricity, gas, steam and air conditioning supply, Water supply; sewerage, waste managment and remediation activities, Construction, Transporation and storage
Implementation countries	Cambodia

Target	Target type
50% carbon emissions need to be reduced by 2030 and to net-zero by 2050	Emission reduction target
37% can be contributed through nature-based solutions to to mitigate climate change and meet the Paris climate goal	Area target
Founded in 1996 by Craig Cogut, Pegasus has invested over $2 billion across five private equity funds.	Funding target
The Green Climate Fund committed up to $150 million to the Investment Fund for a junior tranche which is intended to further de-risk investment, and help mobilize additional public and private capital that have limited access to opportunities with attractive risk-reward profiles in developing countries.	Funding target