British International Investment (BII), the UK’s development finance institution and impact investor, is set to announce new investments and partnerships at COP29 aimed at mobilising private capital for climate finance. This week’s announcements will include investment in India’s renewable energy sector by development finance institutions (DFIs) alongside a major private investor; mobilisation initiative for Asia, designed in collaboration with DFIs and private investors; launch of a blended finance facility in West Africa to attract local currency investments from private sector participants for renewable energy projects like mini-grids.
“BII and other DFIs are innovating to create opportunities for private institutions, de-risking investments to direct capital to areas most in need,” said Leslie Maasdorp, BII’s Chief Executive Designate.
The United Nations Conference on Trade and Development estimates that developing economies require between $3.3 trillion and $4.5 trillion annually to achieve Sustainable Development Goals, yet current financing leaves a gap of approximately $2.5 trillion each year.
