The UK's British International Investment has launched a new climate initiative, British Climate Partners, with a focus on accelerating energy transition in countries like India, the Philippines, and Indonesia.
The £1.1 billion fund aims to mobilise private capital to support developing economies in Asia to achieve net zero by 2070.
India has set ambitious targets to reduce greenhouse gas emissions, and the UK's new initiative will focus on investments that support emissions reduction in fast-growing countries with coal-based energy networks.
The British Climate Partners initiative will work in partnership with private investors to deploy capital through a combination of equity platforms and 'mezzanine finance' to scale climate projects and reduce early-stage risks.
The UK expects at least 40% of new investments to qualify as climate finance in the next five years, up from 30% in the last strategy period.
