ANTALYA, Turkey, Nov 13 (Reuters) – Development finance institutions for Britain, Norway and Canada on Friday launched a joint initiative to channel $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, Turkey
• 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 decarbonisation
• 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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