UK to allocate $4 billion in climate finance to adapt to emerging markets

(Agency Ecofin) – According to the United Nations, the annual cost of adapting to climate change in developing countries is $70 billion. This amount should reach $140 to 300 billion by 2030. The United Kingdom has just announced participation in raising these funds.

UK development finance institution CDC Group plans to invest more than $4 billion in adapting to the effects of climate change in emerging markets. The funds will be invested in renewable energy, infrastructure and agriculture sectors over the next five years.

The $4 billion includes $272.4 million for a new climate innovation mechanism to develop technologies that help people in developing countries cope with the effects of climate change.

This new commitment represents twice the amount of climate finance the CDC Group invested in between 2017 and 2021. Agritech Pula, based in Kenya, is the first to benefit from this venture capital fund. The Kenyan company will operate a new insurance product.

The investment is part of the UK’s Clean Green Initiative, which was announced this week at COP 26. The program aims to help developing countries take advantage of green technologies and grow their economies in a sustainable manner.

Developed countries acknowledged last week that they failed to meet their pledge to provide $100 billion annually in climate finance to developing countries by 2020. He pledged to keep that pledge until 2023. According to Nick O’Donohoe (photo), the new commitments of the CEO CDC Group will make the organization a “World Leader in Climate Finance” in Africa and South Asia.

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The group also announced several new climate-related investments for the current fiscal. It will invest $70 million in Green Growth Equity Fund, the first fund dedicated to climate finance in India, $37 million in Africa Renewable Energy Fund II, which will fund small hydro, wind, geothermal and solar projects in sub-Saharan Africa. invests in. .

Gwladys Johnson Akinocho

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