Three development finance institutions have launched a joint initiative to mobilise $10 billion in climate investment by 2030, targeting private capital to accelerate the energy transition in emerging markets.
The institutions – British International Investment (BII), Norfund and FinDev Canada – unveiled the initiative, tagged ‘10by30’, at the ongoing COP31 climate summit in Antalya, Türkiye.
Under the partnership, the three development banks will leverage public capital to attract private investment into climate-related projects, with a focus on renewable energy, grid infrastructure, energy storage, sustainable fuels and industrial decarbonisation.
The institutions will also share investment pipelines, coordinate due diligence and co-invest in major transactions to improve efficiency and scale up financing for clean energy projects.
The initiative comes amid growing global efforts to bridge the climate financing gap in developing countries, following the COP29 agreement in 2024 to mobilise at least $300 billion annually for developing countries by 2035 and scale climate finance from all sources to $1.3 trillion annually.
UK Economic Secretary to the Treasury, Lucy Rigby, said the partnership demonstrated the UK’s commitment to mobilising investment for the energy transition in emerging markets.
“The UK is backing practical action to unlock investment for the energy transition in emerging markets,” she said.
Rigby added that mobilising $10 billion in private finance by 2030 would enable public funds to attract more investment into clean energy, sustainable growth and economic opportunities.
The chief executive officer of FinDev Canada, Lori Kerr, said scaling investment in commercially viable climate mitigation projects, particularly in emerging markets with high emissions, was critical to achieving meaningful climate impact.
“Thanks to our fresh capital, blended finance products, and technical assistance, we are able to attract larger volumes of private capital to make sure investment opportunities have the highest impact on reducing GHG emissions and accelerating the energy transition,” she said.
Each institution will contribute through its existing climate financing platforms, including the Norwegian Climate Investment Fund, British Climate Partners and FinDev Canada’s Climate Mobilization Strategy.
The chief executive officer of Norfund, Erik Sandersen, said collaboration would enable the institutions to deploy capital and expertise more efficiently while accelerating investments in projects capable of delivering significant emissions reductions.
“Climate finance needs both scale and speed. Working together lets us use our capital and teams more efficiently, so we can move faster and mobilise more private capital where the most emissions can be avoided,” he said.
Similarly, the chief executive officer of BII, Leslie Maasdorp, said the initiative was designed to move private capital to areas where climate investment was most urgently needed and at an unprecedented scale.
Norway’s minister of International Development, Åsmund Aukrust, described the partnership as a practical contribution to ensuring that COP31 delivers concrete outcomes.
“The world is running out of time and must speed up the global energy transition to limit the climate crisis,” he said.