ANTALYA — The development finance institutions of the United Kingdom, Canada and Norway launched a joint climate-finance collaboration called "10by30" on the margins of the COP31 climate summit in Antalya, Turkiye, on Friday, November 13. British International Investment (BII), FinDev Canada and Norfund say the collaboration aims to deliver US$10 billion in climate finance in emerging markets by 2030 — yaani 1,000 crore dollars in South Asian counting — including private capital mobilised alongside their own money.
Source: British International Investment
Under the memorandum of understanding, the three institutions will share pipelines of projects, coordinate due diligence and cooperate on climate reporting, with the stated aim of reducing duplicated work and speeding up decisions on shared transactions in climate and energy-transition investment in emerging markets.
The money is aimed at a defined set of project types: renewable energy, the transmission and distribution networks that carry power, energy storage, sustainable fuels and the decarbonisation of industry. Each lender brings a dedicated climate programme it set up this year — the Norwegian Climate Investment Fund, managed by Norfund; British Climate Partners, from BII; and Canada's Climate Mobilization Strategy, from FinDev Canada. The launch announcement carried statements from all three chief executives: Leslie Maasdorp of BII, Erik Sandersen of Norfund and Lori Kerr of FinDev Canada.
The memorandum does not create a joint investment platform, a new legal entity or any financial commitment between the participants, FinDev Canada's announcement states plainly. Any investment that follows remains subject to each institution's own mandate, governance and approval processes — so US$10 billion is a mobilisation target to be reached by 2030, not money already committed to named projects.
Canada's wider climate-finance pledge
Canada and the United Kingdom's climate ministers welcomed the lenders' move the same day. In a joint statement issued at COP31 on November 13, Canada's Minister of the Environment, Climate Change and Nature, Julie Dabrusin, and the UK's Minister of State for Climate Transition, Katie White, welcomed the announcement by FinDev Canada, BII and Norfund that they intend to collaborate to mobilise US$10 billion by 2030. The statement notes that Canada set a goal in April this year to deliver over CAD$13 billion in climate-related support to developing countries over the next five years, and that Canada has delivered over CAD$14.3 billion in international climate finance since 2015.
Source: Government of Canada (Canada.ca)
The launch sits inside the summit's bigger finance argument. At COP29 in 2024, countries agreed a goal of mobilising at least US$300 billion a year for developing countries by 2035, alongside a call to scale climate finance from all sources to US$1.3 trillion a year. The COP31 presidency has described this year's conference, which runs in Antalya from November 9 to 20, as a COP of "implementation and acceleration".
What happens next: the three lenders have not named a first set of projects or a country-by-country split for the US$10 billion, and no continent-specific allocation has been announced. The test of 10by30 will be the deals that actually close under it over the next five years — and whether the private capital counted in the target shows up alongside the public lenders' own money.