The United Kingdom’s development finance agency inked more climate finance investments last year than ever before, with funding going to clean energy, adaptation, and resilient agriculture projects making up nearly 50% of its total commitments.
A greater focus on climate finance was a key component of British International Investment’s new five-year strategy that started in 2022 and which also expanded its geographic footprint to include countries in Asia and the Caribbean.
While BII has boosted its climate commitments, the overall investments actually dropped last year to £1.27 billion ($1.56 billion), down from £1.87 billion the previous year, as the agency struggled to fund new deals amid a difficult macroeconomic environment worldwide.
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About the author
Adva Saldinger@AdvaSal
Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.
