The UK’s CDC Group commits over £3 bn to combat the climate emergency in Africa and Asia

During the COP26 this week in Glasgow, the UK’s development finance institution and impact investor CDC Group has made an investment commitment of over £3 billion to support emerging economies in Africa and Asia to combat the climate emergency.

The funds will mostly be channeled into Africa and select South Asian markets and are part of the UK’s Clean Green Initiative announced earlier this week by Prime Minister Boris Johnson.

CDC’s investment is targeting key sectors such as renewable power, infrastructure and agriculture, including forestry. As a result, the group notably expects to double the size of its funded renewable energy capacity and grow its share of renewables within its energy portfolio from 32% to 70% within the next five years.

CDC’s commitment is notably supported by the £200 million Climate Innovation Facility announcement by the UK Government at COP26. The first beneficiary is Kenya-based agritech business Pula, a company that is piloting a new “Pay-at-Harvest” insurance product.

Additional investments in Africa announced by the CDC at COP26 this week include a $37m investment in Africa Renewable Energy Fund II, and a $10 million of follow up investment in M-Kopa, the Kenyan off-grid solar company that provides vital power for homes and communities in rural locations,

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