Climate finance for nearly everyone: Over USD 2 bn were pledged by finance heads and philanthropists for slashing emissions and bolstering climate resilience in MENA, Asia, and South America, according to a joint UK-US statement. The funds were pledged by Britain’s Energy Security and Net Zero Secretary Grant Shapps and US Special Presidential Envoy on Climate John Kerry following the Climate Finance Mobilization Forum at Windsor Castle.

Where’s the money going? The commitments include over USD 1 bn in emerging markets through a new venture by Builders Vision, Japanese trader Mitsui & Co and asset manager Renewable Resources Group Partnership, according to the statement. The funds will be directed to addressing impacts of climate change across critical supply chains in agriculture, natural resource development, and energy through nature-based solutions. Those include regenerative farming, agroforestry, and sustainable water management. These potential initial investment projects will cover areas in MENA and Central and South America, with an ambition for expansion to sub-Saharan Africa and East Asia in the future.

And there’s more earmarked for the blue economy: Other announcements include a USD 100 mn commitment by Builders Vision for oceans-related investments and grants in emerging economies. Those would focus on blue carbon, oceans carbon divide offset, and shipping decarbonization. Asset manager LeapFrog Investments has also committed USD 500 mn for firms tackling climate change in Africa and Asia to help in the environment, energy, mobility and food sectors. The Tony Elumelu Foundation said it will launch a USD 500 mn Coalition for African Entrepreneurs to help drive an additional 100k African youth entrepreneurs and small businesses.

A King Charles initiative is also taking part: The Sustainable Market Initiative, which was founded by King Charles in 2020, announced its new Terra Carta Accelerator Fund with a target of GBP 100 mn (c. USD 129.2 mn). The fund will focus on natural capital projects and supply chain in emerging and developing markets.

REMEMBER- The MENA climate finance gap is real: The MENA region continues to suffer from a large climate finance gap, with finance flows remaining feeble at USD 5.1-7.4 bn annually, according to UNFCCC figures. The figure is lower than the minimum USD 436-487 bn needed by the region to address and cope with climate change until 2030, according to the UNFCCC.

IN OTHER CLIMATE FINANCE NEWS- Canada will provide USD 450 mn to the UN’s Green Climate Fund to help developing economies address climate change, Reuters reports, citing Canada’s Climate Minister Steven Guilbeault. He said the pledged funds represented a 50% increase from the country’s previous pledge in 2019.

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