Development finance institutions from Britain, Norway and Canada launched a joint initiative on Friday to channel $10 billion into climate projects in emerging markets by 2030, in one of the first concrete funding announcements of the COP31 climate summit in Antalya, Turkey.
The initiative, called “10by30”, brings together British International Investment (BII), Norway’s Norfund and FinDev Canada under a memorandum of understanding. The three state-backed lenders will share investment pipelines, coordinate due diligence and cooperate on climate reporting, in an effort to move money faster into projects that might otherwise struggle to attract commercial finance.
The $10 billion target covers both the institutions’ own commitments and private capital they expect to mobilise alongside them. Funding will go to renewable energy, electricity transmission and distribution grids, energy storage, sustainable fuels and industrial decarbonisation — the backbone infrastructure of a clean-energy transition in developing economies.
Each of the three institutions already runs a dedicated climate vehicle — the Norwegian Climate Investment Fund, British Climate Partners and FinDev Canada’s Climate Mobilization Strategy — and the new pact is designed to let them co-invest and share the cost of assessing deals rather than working in parallel.
BII chief executive Leslie Maasdorp said the agreement united “three global leaders in climate finance”. Britain’s Economic Secretary, Lucy Rigby, said the move would help public finance “go further in supporting clean energy and sustainable growth”.
The announcement sits within the wider finance debate dominating COP31. At COP29 in 2024, countries agreed to scale climate finance for developing nations to at least $300 billion a year by 2035, and to $1.3 trillion a year from all sources. The COP31 presidency has described this year’s summit as “a COP of implementation and acceleration”. Canada and Britain also used the summit to reaffirm their own pledges: Ottawa has set a goal of more than CAD$13 billion in climate-related support over five years, while London plans around £6 billion in official development assistance climate finance over three years.
The $10 billion figure should be read as a mobilisation target rather than money already committed: it depends on private investors joining projects the three lenders back. That matters because the countries most exposed to climate disasters are pressing for cash now, while Western governments are weighing national security and the cost of living at home.
Sources: Reuters, “UK, Norway and Canada launch $10 billion climate finance initiative”, https://www.reuters.com/sustainability/cop/uk-norway-canada-launch-10-billion-climate-finance-initiative-2026-11-13/ ; British International Investment, “BII, FinDev Canada and Norfund join forces to deliver $10 billion in climate finance by 2030”, https://www.bii.co.uk/en/news-insight/news/bii-findev-canada-and-norfund-join-forces-to-deliver-10-billion-in-climate-finance-by-2030/ ; Government of Canada, “Canada and the United Kingdom reaffirm commitment to climate finance”, https://www.canada.ca/en/environment-climate-change/news/2026/11/canada-and-the-united-kingdom-reaffirm-commitment-to-climate-finance.html
