The City of London is set to consolidate its position as a global capital for climate finance through a partnership with British International Investment (BII), the UK’s development finance institution and impact investor.
This collaboration aims to combat the climate emergency by unlocking private investment in emerging economies.
As part of this initiative, BII has allocated up to £50 million from its £100 million Mobilisation Facility to support climate-related projects in emerging economies.
This facility, announced by the UK Prime Minister last year, aims to boost the flow of private capital into these economies, which are often considered too risky by global investors.
BII has partnered with Mercer, a global investment firm, to encourage asset managers to develop investment solutions that address the climate crisis.
This partnership will help bridge the gap between the risk appetite and return thresholds of institutional investors, ultimately unlocking more private investment in climate-related projects.
The UK Minister for Development, Anneliese Dodds, welcomed the initiative, emphasizing the urgent need for finance in countries vulnerable to the climate crisis.
She highlighted the UK’s leadership in climate finance and its potential to generate growth while providing much-needed finance abroad.
Asset managers with a proven track record in climate finance and interest in emerging economies are invited to submit proposals to partner with BII. Successful proposals will receive access to concessional capital and non-concessional investment funding from BII.
British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn and X.
Mercer, a business of Marsh McLennan (NYSE: MMC), is a global leader in helping clients realize their investment objectives, shape the future of work and enhance health and retirement outcomes for their people. Marsh McLennan is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective.
