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A British International Investment (BII) delegation led by the Chair, Diana Layfield, attended COP29 in Baku, Azerbaijan. BII unveiled various new investments and partnerships at COP29 to mobilise private capital into climate finance, including in Commonwealth countries, Nigeria and India. The commitments demonstrate BII’s ongoing support of countries that are most vulnerable to the impacts of the climate emergency.

A bottleneck for advancing energy transition, particularly in India, is insufficient transmission capacity amid growing power demand. In response, BII, Norfund and India’s listed power infrastructure investment trust, IndiGrid have committed approximately $300 million to form a new platform, EnerGrid. It will focus on developing greenfield transmission and standalone battery energy storage system projects in India.

BII has also committed a $30 million risk-sharing and blended local currency co-financing facility to InfraCredit to support clean energy transition in Nigeria. It will help to address the country’s energy access deficit by co-financing and mobilising additional funding for decentralised renewable energy projects such as solar mini-grids, originated and guaranteed by InfraCredit.

Between 2021 and 2023, BII has mobilised $1.12 billion of private capital into climate finance projects.