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Asia Climate Solutions Design Grant Window

The next Asia Climate Solutions Design Grant Cycle is expected to launch September 2024. Upon submission, Convergence will review all concept notes and invite select applicants to submit a full proposal for funding consideration.

Scope of the Design Funding Window

The Asia Climate Solutions (ACS) Design Grant awards grant funding for the design and launch of innovative blended finance solutions that mobilize private capital to sectors critical for climate transition and resilience in developing markets in Asia. The ACS Design Grant aims to demonstrate the potential of funding from family offices, foundations, and donor agencies to catalyze blended finance solutions addressing the climate finance gap, at scale. The anchor donors of this initiative are the Monetary Authority of Singapore, the Department of Foreign Affairs and Trade Australia, Olayan Group, and UBS Optimus Foundation.

The ACS Design Grant will target critical climate mitigation and adaptation sectors in Asia including nature-based solutions (NbS), clean energy transition, and sustainable cities and infrastructure. It will provide feasibility study and proof of concept grants for innovative solutions using blended capital structures to crowd-in climate-smart investment in the region.

Types of Funding Available

Applicants can apply for feasibility study or proof-of-concept funding.

Feasibility Study Grant

Feasibility study applications must be able to 1) present a viable investment thesis, and an initial capital structure and 2) demonstrate early engagement with potential investors and relevant stakeholders.

  • Grants range between USD 50,000 to USD 200,000.
  • Funding to explore the feasibility of the concept. For example, a combination of the following activities would be eligible:
    • Assessing the investability/bankability of the concept
    • Conducting market scoping and stakeholder consultations
    • Conducting an impact analysis including climate and gender impact potential
    • Designing the capital and legal structure
  • Promising feasibility studies funded through this window may be considered for follow-on proof-of-concept funding.

Proof-of-Concept Grant

Proof-of-concept applications will be expected to present 1) interest and ideally commitment from investors and relevant stakeholders to support the concept, and 2) a financial model.

  • Grants range between USD 200,000 to USD 400,000.
  • If a feasibility study (or equivalent) has been completed, then funding would be provided to complete all design and structuring activities to launch. For example, a combination of the following activities would be eligible:
    • Finalizing the capital structure and financial model
    • Fundraising and marketing activities with prospective investors
    • Final selection of implementing partners
    • Finalizing the legal structure and producing key documents needed to launch
    • Development of an impact assessment framework and gender action plan (or equivalent) based on the impact analysis from prior feasibility work.

Eligibility Criteria

Proposals must meet the following eligibility criteria:

  • Purpose:
    • Proposals articulate a clear need for grant support for the design and/or launch of an innovative blended finance solution.
    • Solutions must target climate change mitigation and/or adaptation.
  • Geography: Proposals target one or more developing market(s) in Asia. Applicants do not need to be domiciled in a developing market(s) but end beneficiaries and target activities must.
  • Sectors: Proposals target one or more of the following sector(s) and sub-sector(s):
    • Nature-based Solutions (NbS)
      • Sustainable forestry and climate-smart land use / adaptation
      • Sustainable agriculture and agroforestry
      • Climate-related insurance and disaster resilience
      • Natural resource management, directly linked to preserving and protecting natural assets, such as:
        • Sustainable fisheries and aquaculture
        • Sustainable forestry
        • Forest and blue carbon
        • Coastal protection
        • Eco-tourism
    • Clean Energy Transition
      • Renewable energy generation (on-grid and off-grid)
      • Energy efficiency
      • Energy transmission, storage, and distribution
    • Sustainable Cities & Infrastructure
      • Sustainable infrastructure/housing
      • Low-carbon transportation
      • Waste and wastewater management
      • Urban Nature-based Solutions
  • Applicant: Proposals will only be accepted from organizations or consortiums of organizations. For example, eligible organizations could include asset owners, asset managers, advisory firms, foundations, not-for-profit organizations, and private enterprises. The lead organization must be able to provide 1) proof of incorporation, and 2) financial statements for the previous fiscal year.

Evaluation Criteria

All applications received will be scored on a scale of 0-100 depending on the stage of the solution.

Maximum Available scores
CriteriaFeasibility StudyProof of concept
Development impact
  • How will climate mitigation or adaptation be incorporated into the concept’s design and operations?
  • What will be the environmental and socioeconomic impact of the concept?
  • How will gender equality be incorporated into the concept’s design and operations?
  • What indicators will be used to measure progress and impact outcomes?
Scalability and/or replicability
  • How much private capital does the concept aim to catalyze?
  • If the concept is successful, can other practitioners use a similar approach? Will the concept contribute to creating a pipeline of investable climate finance solutions in emerging markets?
  • Does the concept aim to deploy financial instruments that are under-supplied, and will therefore catalyze financing with a high degree of additionality?
  • Does the concept have strong potential to address a market failure in the short term, and catalyze broader market financing in the long term?
  • To what extent will the design grant be catalytic in achieving the targeted development impact?
Innovation & Demonstration Effect
  • Is the concept testing a never-before-tested design?
  • Is the concept replicating an existing approach in a new market?
  • Does the concept demonstrate the rationale and business case for using blended finance for climate adaptation and/or mitigation?
Likelihood to achieve financial close
  • Is the structure proposed in the concept bankable/investable?
  • Is the concept likely to attract private investors and close within the short or medium term?
  • Have investors been actively involved in the design of the concept to date?
Track record of applicant
  • Does the applicant have the relevant expertise, track record, and capacity required to succeed?
Stakeholder Support
  • Does the concept have the support and buy-in of key stakeholders in the target region/country (e.g., government, prospective investors, partners)?

Application Process

Stage 1: Submission of concept notes

  • Interested applicants can initiate the application process by logging in to
  • The next application deadline will be announced soon.
  • Follow the instructions provided to submit a concept note and supplemental materials (e.g., pitch deck) by the deadline date.
  • Applicants may submit one application per funding cycle.
  • Convergence reviews the concept notes and supporting materials to i) screen for eligibility and ii) based on the evaluation criteria, select a longlist of concept notes to proceed to Stage 2.
  • Unsuccessful applicants are notified. Due to the high volume of applications expected, we regret that at this stage we are unable to provide feedback on unsuccessful applications.

Stage 2: Submission of full proposals

  • Longlisted applicants are invited to submit a full proposal for funding consideration.
  • Follow the instructions provided to submit a full proposal by the deadline date.
  • Convergence reviews full proposals according to the evaluation criteria and shortlists proposals. Convergence may request additional information as necessary.
  • Convergence conducts technical due diligence on shortlisted proposals. Shortlisted applicants are asked to respond to due diligence questions from Convergence and are requested to make introductions to key stakeholders for interviews as part of the due diligence process.
  • Unsuccessful applicants are notified. Due to the high volume of applications expected, we regret that at this stage we are unable to provide feedback on unsuccessful applications.

Investment Committee review and approval

  • Shortlisted proposals that pass due diligence are recommended by Convergence to the Investment Committee for approval.
  • The Investment Committee is composed of independent experts who recommend proposals to the Convergence Board of Directors for funding.
  • Shortlisted applicants that do not pass due diligence are notified. Convergence at its discretion maybe available for a call to provide high-level feedback to a subset of the highest scoring shortlisted proposals.

Convergence performs compliance review and seeks final approval from Convergence’s Board of Directors

  • Proposals approved by the Investment Committee undergo a compliance review led by Convergence’s Chief Financial Officer.
  • Following the compliance review, cleared proposals are recommended to Convergence's Board of Directors for final approval.
  • Shortlisted applicants that are not selected for funding at this stage are notified. Convergence at its discretion maybe available for a call to provide high-level feedback to a subset of the highest scoring shortlisted proposals.


  • Following Board approval, Convergence initiates the contracting stage with the selected awardees.
  • Convergence will execute contracts with the selected awardees that includes the design activities and key milestones agreed upon with the awardees.

Grant Portfolio