The Global Climate Partnership Fund (GCPF) was established by the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMU) and KfW in 2009 as a public-private partnership. GCPF tackles the shortage of appropriate financing for low-carbon projects in developing economies. It focuses on financing energy efficiency and renewable energy projects for SMEs and private households in developing countries, primarily in cooperation with local financial institutions, but also directly. It aims at providing funding in areas that do not require subsidies to unleash their potential but remain insufficiently served by private capital providers. GCPF is managed by responsAbility Investments.