U.K., Norway and Canada launch US$10 billion climate finance initiative

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Development finance institutions for Britain, Norway and Canada on Friday launched a joint initiative to channel US$10 billion into climate projects in emerging markets by 2030.

ANTALYA, Turkiye -- Development finance institutions for Britain, Norway and Canada on Friday launched a joint initiative to channel US$10 billion into climate projects in emerging markets by 2030.

The three state-backed lenders, British International Investment, Norway’s Norfund and FinDev Canada, will share investment pipelines, coordinate due diligence and cooperate on climate reporting under a memorandum of understanding.

They launched the initiative at the COP31 climate summit in Antalya, Turkiye.

The $10 billion target includes private capital which the partners expect to attract for the initiative.

Funding will go to renewable energy, transmission and distribution grids, energy storage, sustainable fuels and industrial decarbonization.

Poor nations most exposed to climate-related disasters are making urgent pleas for cash as Western governments put national security and living costs first.

(Reporting by Simon Jessop; Writing by William James; Editing by Philippa Fletcher)

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