The Urban Resilience Fund (TURF)
Introduction
The Urban Resilience Fund (TURF) targets investments in infrastructure projects and companies that improve the urban environment and provide essential public services to local communities. Investments in countries in sub-Saharan Africa are prioritised.
Swedfund's investment is expected to contribute to job creation, stimulate local economic growth and improve access to basic public services.
The investment also contributes to meeting the challenges of climate change and urbanisation by enabling investments in micropower grids, waste management facilities and energy efficient community environments, such as street lighting and sustainable transport.
Read more in our press release: Swedfund invests in urban resilience fund for African cities
Related links:
Swedfund Policy For Sustainable Development
Swedfund E&S Categorisation
Facts
SDG in Focus
Reduced Inequalities
Reduce inequality within and among countries.
Climate Action
Take urgent action to combat climate change and its impacts.
No Poverty
End poverty in all its forms everywhere.
Sector
Energy & Climate
Access to renewable energy is a crucial factor for economic growth and poverty reduction. Today, around 750 million people lack access to electricity, three quarters of whom live in sub-Saharan Africa and the least developed regions of Asia.
Value creation
Impact
The investment is expected to contribute to more resilient cities with reduced emissions through investments in infrastructure that contribute to climate adaptation and mitigation, sustainable transport and resource efficiency. Furthermore, the investment is expected to contribute to sector and market development that can support the reduction of inequalities between and within countries by prioritising investments that benefit poor and vulnerable groups in cities.
Additionality
Swedfund’s investment is financially additional as the investment is made in the least developed countries, where access to capital is limited, risks are high and the context is challenging, and as it is expected to contribute to mobilising capital. The investment is value additional through a strong focus on active value creation during the investment phase, prioritising environmental, sustainability and corporate governance issues.
ESG Summary
Requirements
In line with Swedfund’s Policy for Sustainable Development, the Fund is required to materially comply with, inter alia: (i) all internationally recognised human rights (ii) the EDFI harmonized exclusion list and EDFI Fossil Fuel Exclusion List, (iii) local environmental, health & safety and labour laws and regulations, (iv) applicable IFC Performance Standards, (v) the ILO’s Declaration on Fundamental Principles and Rights at Work and the ILO’s Basic Terms and Conditions of Employment.
ESG risk
E&S risk categorisation is High Risk (Fund A). High E&S risks are linked to the country and sector of the Manager’s operations. Inherent labour rights and working conditions risks due to the large workforce, subcontracted companies, and occupational health & safety risks on workers and adjacent communities.
ESG mitigation measures
The fund manager to develop and implement an environmental and social management system (ESMS) that has the capacity to manage and mitigate environmental and social risks associated with the sector, including business integrity practises. Swedfund is also supporting the fund on issues related to human rights, labour law and workplace safety.
Applicable IFC Performance Standards
IFC Performance Standards (PS) 1-4 are applicable. Based on available information, and depending on the nature and scale of the project, PS 1-8 considered to be applicable for the portfolio companies.
Whistleblowing channels and Grievance Mechanism
Swedfund’s whistleblowing services can be used by employees, contractors and others at Swedfund, and by the companies and funds in which Swedfund invests. The complaints mechanism can be used for all types of complaints concerning Swedfund and Swedfund’s portfolio companies, but not for complaints concerning individuals as a result of restrictions arising from data protection legislation. 🔹 Link in website footer.