UK-US forum seeks to mobilise climate finance

A UK-US Climate Finance Mobilisation Forum on Monday saw a number of commitments, including a pledge by London-based LeapFrog Investments to invest USD 500 million (EUR 456m) in companies that are addressing climate change in Africa and Asia.

The forum was convened by UK Energy Security Secretary Grant Shapps and US Special Presidential Envoy for Climate John Kerry as part of US President Joe Biden’s visit to the UK. It gathered philanthropists and financiers in a bid to catalyse finance to help emerging markets and developing countries tackle the climate crisis.

According to a joint UK-US statement on Tuesday, the forum resulted in the announcement of some USD 2.2 billion worth of initiatives. These include plans by Bilders Vision, Mitsui & Co and Renewable Resources Group Partnership to identify over USD 1 billion of nature-based solutions projects in emerging markets. Through a new venture, the companies are aiming to address the impacts of climate change across critical supply chains in agriculture, natural resources development, and energy. They intend to cooperate on activities where nature-based solutions such as regenerative farming, agroforestry and sustainable water management can be used alongside technology solutions.

LeapFrog Investments’ USD 500 million commitment is aimed at providing green tools and technologies to 50 million low-income people. The focus will be on supporting companies in the built environment, energy, mobility and food sectors.

It was also announced that the Tony Elumelu Foundation is launching a USD-500-million Coalition for African Entrepreneurs.

In a statement ahead of the forum, the UK Department for Energy Security and Net Zero cited estimates that by 2030 annual clean energy investment in emerging and developing countries should grow by more than seven times, to above USD 1 trillion, for the world to get on track to reach net-zero emissions by 2050.

(USD 1 = EUR 0.913)

Choose your newsletter by Renewables Now. Join for free!