UK Steps Up as US Retreats from Climate Finance Commitments in Africa

The UK is ramping up its funding of sustainable energy projects in Africa as the US pulls back from global climate commitments. To this end, the British International Investment (BII), the UK’s development finance body, plans to mobilize private capital through partnerships with London’s financial sector. According to the organization’s CEO, Leslie Marsdorp, the UK government has already provided the organization with £100 million to woo private capital. BII aims to allocate at least 30% of its new pledges to climate finance by 2026. BII’s strategy and, by extension, the UK, contrasts sharply with the US, which under Trump has exited the Paris Climate Agreement and slashed foreign aid.

Source: SEMAFOR