On Friday, the development finance arms of the UK, Norway, and Canada announced a shared plan to direct $10 billion toward emerging-market climate projects by 2030.
The three state-backed lenders, British International Investment, Norway’s Norfund, and FinDev Canada, will pool their investment pipelines, align their due diligence, and work together on climate reporting through a memorandum of understanding
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The initiative was unveiled at the COP31 climate summit in Antalya, Turkey.
The $10 billion goal counts private money the partners hope to attract, not just their own.
Money will be directed to renewable energy, power transmission and distribution grids, energy storage, sustainable fuels, and industrial decarbonization.
Meanwhile, the poorest countries, which face the greatest risk from climate disasters, are making urgent appeals for funding as Western governments prioritize national security and the cost of living.
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