UK, Norway and Canada launch $10 billion climate finance initiative

Detailed summary

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…

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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