By Dare Akogun
British International Investment (BII), the UK’s development finance institution, announced a series of new initiatives and partnerships at COP29 in Baku, all aimed at attracting private capital for climate finance in emerging markets.
Among the planned investments, BII will unveil a major renewable energy project in India in partnership with other development finance institutions (DFIs) and a large private investor. Another initiative focuses on Asia and is designed to drive private capital to climate projects. BII will also launch a blended finance facility in West Africa, intended to raise local currency funding for renewable energy projects such as mini-grids.
Leslie Maasdorp, Chief Executive Designate of BII, stated: “BII and other DFIs are innovating to generate opportunities for private institutions; to de-risk investments so that capital is allocated to where it is needed most. Private investors: Our doors are open. Explore the opportunities that DFIs can bring to your door.”
UNCTAD’s recent report highlights an annual financing gap of $2.5 trillion for developing economies to meet the Sustainable Development Goals.
DFIs like BII are positioned to de-risk investments and bridge this gap, with over $600 billion of private capital needed yearly to support the green transition worldwide.
