UK, Norway and Canada launch $10bn climate finance push
The three countries' development lenders signed a deal at COP31 in Antalya to mobilise $10 billion for clean energy projects in emerging markets by 2030.
Britain, Norway and Canada launched a joint initiative on Friday to channel $10 billion into climate projects in emerging markets by 2030, announcing it at the COP31 summit in Antalya, Turkey.
The memorandum was signed by three state-backed lenders: British International Investment, Norway's Norfund and FinDev Canada. They will share investment pipelines, coordinate due diligence and work together on climate reporting.
The $10 billion target includes private capital the partners expect to attract. The money will support renewable energy, transmission and distribution grids, energy storage, sustainable fuels and industrial decarbonisation.
The launch comes as developing countries, among the most exposed to climate-related disasters, press for financial support. Western governments are meanwhile weighing competing priorities, including national security and rising living costs.
Source: The Business Standard Photo: U.S. Department of Energy / rawpixel (CC0)
