British International Investment (BII), the UK government’s development finance institution, invested $903 million in climate-related initiatives across emerging markets in 2024, accounting for 41% of its total commitments for the year. The announcement was made at the outset of London Climate Action Week.
The figure marks a substantial increase from $104 million in 2020, reflecting a growing emphasis on climate finance in BII’s investment strategy. Climate-focused assets now represent over 26% of BII’s total portfolio, up from just over 15% four years ago.
Between 2021 and 2024, BII has channelled more than $2 billion into climate finance, supporting projects aimed at addressing climate vulnerabilities and accelerating green transitions in developing economies.
Among the beneficiaries of BII’s 2024 climate finance were:
- Etana, a South African energy trading company expected to mobilise significant private investment into renewables;
- SunCulture, a Kenya-based provider of solar irrigation systems for smallholder farmers;
- EnerGrid in India, which is developing transmission and battery energy storage infrastructure.
Full details of BII’s climate finance activities will be published in its upcoming 2024 Annual Review, scheduled for release in early July.
BII, established in 1948 and wholly owned by the UK government, plays a key role in the country’s international development agenda by investing in businesses that aim to reduce poverty and support sustainable growth in low- and middle-income countries.
