Accelerating green growth
Climate change is having a devastating impact on emerging economies. Over the last few years, including in 2024, we have stepped up our climate finance leadership to respond to this challenge. We’re proud to be one of the UK Government’s largest providers of climate finance to emerging and developing economies.
Over the year, we have made new investments in the full spectrum of renewable energy – from utility-scale renewable energy to solar mini-grids. Our investments also extend far beyond infrastructure, supporting the green transformation of economies with innovations such as EVs, clean cooking, energy efficiency, the circular economy, and new technology to help farmers adapt to a changing climate. We also support companies across our portfolio to become climate-smart and address challenges presented by climate change, helping to boost green growth and resilience (see case study).
Increasing investment in climate finance
In 2024, we committed £708 million to climate finance, which represents 41 per cent of our total commitments (see chart). This remains ahead of our target to make 30 per cent of our investments in climate finance over the current five-year strategy period. In turn, our climate finance commitments mobilised $466 million in private investment.
At the same time, climate-finance-qualifying assets now make up an increasing proportion of our overall portfolio – now 26.5 per cent of our portfolio, compared with just 15.4 per cent in 2020 (see chart).
These metrics are just one aspect of our climate-related reporting. Our report against the UK Government’s Climate-related Financial Disclosure regulations sets out our strategy, governance, risk management and metrics and targets to assess and manage climate-related risks and opportunities for our portfolio and operations. You can find this in our Annual Report and Accounts.
