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

Summary

• Britain, Norway & Canada launched a joint initiative at COP31 in Antalya to channel US$10 billion into climate projects in emerging markets by 2030.
• British International Investment, Norfund & FinDev Canada will share investment pipelines, coordinate due diligence & cooperate on climate reporting under a memorandum of understanding.
• The US$10 billion target includes private capital expected to be attracted by the partners.
• Funding will target renewable energy, transmission & distribution grids, energy storage, sustainable fuels & industrial decarbonization.
• Poor nations most exposed to climate-related disasters are making urgent pleas for cash as Western governments prioritize national security & living costs.