Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what recent progress his Department has made on increasing private finance through (a) British International Investment and (b) British Investment Partnerships to help meet the UK's international climate finance targets; and how private finance is being targeted towards (i) low-income countries and (ii) climate-vulnerable regions.

In 2023, the British Investment Partnerships (BIP) portfolio invested £1.5 billion in developing countries which mobilised over £3.5 billion of private sector investment. Over 54 per cent of BIP programme spend was classified as International Climate Finance (ICF) and over 70 per cent of BIP programmes operate in least developed countries and lower-middle income countries.

Since 2022, BII has invested over $1 billion in climate finance and mobilised over $2 billion of private capital. Over 90 per cent of BII's portfolio is invested in Africa and South Asia, in some of the poorest and most climate vulnerable countries in the world.