Public finance alone is not going to fund the global energy transition. That’s why we need innovative solutions to mobilise private investment to tackle climate change.

The Climate Investment Funds’ Capital Market Mechanism (CCMM) demonstrates how the UK is playing a leading role in mobilising the necessary finance to support developing countries in their efforts to cut carbon emissions, build renewables and adapt to climate change.

Launched by the UK Prime Minister at COP29, the mechanism is designed to unlock billions in climate finance by leveraging future loan repayments from previous investments. It could mobilise up to $75 billion in public and private funding for new clean energy projects in developing countries and reduce global emissions.