Antalya (Turkey), 13 November 2026 – On the margins of COP31, FinDev Canada, Canda’s bilateral development finance institution, British International Investment (BII), the UK’s bilateral development finance institution, and Norfund, the Norwegian investment fund for developing countries, announced a new Memorandum of Understanding (MOU). The goal is to strengthen collaboration on climate and energy-transition investment in emerging markets by targeting a specific subset of climate finance investments that aim to mobilize private capital at scale while delivering significant greenhouse gas (GHG) reductions.
The MOU brings together three institutions that have each launched dedicated climate investment initiatives this year: Canada’s Climate Mobilization Strategy, British Climate Partners, and the Norwegian Climate Investment Fund. These initiatives reflect a shared understanding that accelerating the energy transition will require larger-scale investment, stronger partnerships, and significantly greater participation from private capital.
Together, these strategies are expected to support at least USD 10 billion of climate and energy-transition investment activity over five years, hence the name “10by30.” Projects are expected to span renewable energy, transmission and distribution infrastructure, energy storage, sustainable fuels, and industrial decarbonization.
Under the MOU, the three institutions will work together to identify investment opportunities, share pipeline and market intelligence, coordinate due diligence, and co-invest in flagship transactions, strengthen methodologies for measuring climate and development impacts, and advance best practices on mobilizing private capital for climate finance projects.
The MOU does not create a joint investment platform, legal entity, or financial commitment between the participants. Any future investment activity remains subject to each institution’s independent mandate, governance, and approval processes.
“Meaningful climate impact requires scaling investment into commercially viable mitigation opportunities, particularly in higher-emitting emerging markets. Thanks to our fresh capital, blended finance products, and technical assistance, we can attract larger volumes of private capital to make sure investment opportunities have the highest impact on reducing GHG emissions and accelerating the energy transition,” Lori Kerr, CEO, FinDev Canada.
“In the rapidly evolving global climate and economic landscape, the world needs to come together to ensure a prosperous future for many generations to come. Canada is showing it is a steadfast partner in the global fight against climate change. We remain committed to helping developing countries reduce emissions, adapt to the impacts of climate change, and build stronger, more resilient economies,” said the Honourable Julie Dabrusin, Minister of the Environment, Climate Change and Nature.
“Today’s signing brings together three global leaders in climate finance in emerging markets. Our shared determination is to create the opportunities that will move private capital at an unprecedented scale to where it is needed the most,” said Leslie Maasdorp, Chief Executive of BII.
“Climate finance needs both scale and speed. Working together lets us use our capital and teams more efficiently, so we can move faster and mobilize more private capital where the most emissions can be avoided. The Norwegian Climate Investment Fund gives Norfund a strong platform to help deliver our shared goal of USD 10 billion in climate finance by 2030,” says Erik Sandersen, CEO of Norfund.
"The UK is backing practical action to unlock investment for the energy transition in emerging markets. By mobilizing USD 10 billion of private finance for the energy transition by 2030, we will help public finance go further and support greater investment in clean energy, sustainable growth and economic opportunity," said Lucy Rigby KC MP, Economic Secretary to the Treasury.
About FinDev Canada and the Climate Mobilization Strategy
FinDev Canada is Canada’s bilateral development finance institution, investing in the private sector in developing economies to deliver development impact, financial sustainability, and long-term economic partnerships. Through Canada’s Climate Mobilization Strategy, FinDev Canada is committed to supporting large-scale projects in high emitting emerging markets with high GHG reductions by combining its own resources and private capital. Supported by new capitalization from the Government of Canada, the strategy focuses on opportunities where climate leadership, market influence, private capital mobilization, and development impact reinforce one another.
About British International Investment and British Climate Partners
British International Investment (BII) is the United Kingdom’s development finance institution and impact investor, supporting private sector growth and sustainable development across emerging and developing economies. As part of its current five-year strategy, BII is targeting £15 billion of investment activity and has established British Climate Partners, a dedicated climate investment initiative focused on accelerating the energy transition and mobilizing institutional capital alongside BII investments. British Climate Partners reflects BII’s commitment to scaling climate mitigation opportunities in developing economies through larger transactions, innovative partnerships, and increased private capital participation.
About Norfund and the Climate Investment Fund
Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs, improve lives and supporting the transition to net zero by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. Norfund’s committed portfolio amounts to USD 4.5 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Norfund also manages the Norwegian Climate Investment Fund, which focuses on avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production, and the Norwegian Ukraine Investment Fund. For more details, please visit: www.norfund.no