Norwegian, British and Canadian development finance institutions today launched “10by30”, a collaboration to deliver USD 10 billion in climate finance in emerging markets by 2030.
Antalya, Türkiye, 11. November 2026. FinDev Canada, British International Investment (BII), and Norfund, the Norwegian investment fund for developing countries, will share pipeline, coordinate due diligence and cooperate on climate reporting under the new collaboration.
The USD 10 billion, including private capital mobilised, will go to projects across renewable energy, transmission and distribution infrastructure, energy storage, sustainable fuels and industrial decarbonisation.
The initiative is launched at COP31 in Antalya. At COP29 in 2024, countries agreed on a goal of mobilising at least USD 300 billion a year for developing countries by 2035, and called for scaling climate finance from all sources to USD 1.3 trillion a year. The COP31 Presidency has described this year’s conference as “a COP of implementation and acceleration”.
The development finance institutions have each set up dedicated climate investment initiatives: The Norwegian Climate Investment Fund, British Climate Partners, and the Climate Mobilization Strategy. The three institutions share the same aims and much of the same approach, using their capital, expertise and market presence to de-risk investments, avoid emissions at scale and mobilise private capital.
Under a memorandum of understanding, the three institutions will strengthen their collaboration on climate and energy-transition investment in emerging markets, with the aim of reducing duplicated work and speeding up decisions on shared transactions.
They will work together to:
- identify investment opportunities, share pipeline and market intelligence, coordinate due diligence and co-invest in flagship transactions
- advance methodologies for measuring climate and development effects
- coordinate engagement to improve enabling conditions, and advance best practice on mobilising private capital for climate finance projects
“The world is running out of time and must speed up the global energy transition to limit the climate crisis. This collaboration, and the shared ambition of Norfund, BII and FinDev Canada, is a concrete contribution to making this year’s climate summit about how we deliver in order to succeed.”
Åsmund Aukrust
Norway’s Minister of International Development
“Climate finance needs both scale and speed. Working together lets us use our capital and teams more efficiently, so we can move faster and mobilise more private capital where the most emissions can be avoided. The Norwegian Climate Investment Fund gives Norfund a strong platform to help deliver our shared goal of USD 10 billion in climate finance by 2030,”
Erik Sandersen
CEO of Norfund
“Today’s signing brings together three global leaders in climate finance in emerging markets. Our shared determination is to create the opportunities that will move private capital at an unprecedented scale to where it is needed the most,” says Leslie Maasdorp, Chief Executive of BII.
“Meaningful climate impact requires scaling investment into commercially viable mitigation opportunities, particularly in higher-emitting emerging markets. Thanks to our fresh capital, blended finance products, and technical assistance, we are able to attract larger volumes of private capital to make sure investment opportunities have the highest impact on reducing GHG emissions and accelerating the energy transition,” says Lori Kerr, CEO, FinDev Canada.
About FinDev Canada
FinDev Canada is Canada’s bilateral development finance institution, investing in the private sector in developing economies to deliver development impact, financial sustainability, and long-term economic partnerships. Through its Climate Mobilization Strategy, FinDev Canada is committed to support $9.5 billion in climate finance by 2031, through both our own investments and the private capital mobilized alongside.
Supported by new capitalization from the Government of Canada, the strategy focuses on opportunities where climate leadership, market influence, private capital mobilization, and development impact reinforce one another.
About British International Investment
British International Investment (BII) is the United Kingdom’s development finance institution and impact investor, supporting private sector growth and sustainable development across emerging and developing economies. As part of its current five-year strategy, BII is targeting £15 billion of investment activity and has established British Climate Partners, a dedicated climate investment initiative focused on accelerating the energy transition and mobilizing institutional capital alongside BII investments. British Climate Partners reflects BII’s commitment to scaling climate mitigation opportunities in developing economies through larger transactions, innovative partnerships, and increased private capital participation.
About Norfund
Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs, improve lives and supporting the transition to net zero by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. Norfund’s committed portfolio amounts to USD 4.5 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Norfund also manages the Norwegian Climate Investment Fund, which focuses on avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production, and the Norwegian Ukraine Investment Fund.
For more details, please visit: www.norfund.no