Question to the Department for International Development:

To ask the Secretary of State for International Development, how much the CDC Group has invested in fossil fuel projects in each of the last three years.

Since 2017, CDC has made new direct commitments to fossil fuel projects totalling $207.4 million ($84.8 million in 2017; $0 million in 2018; $122.6 million in 2019). During the same period CDC has made over $1 billion of commitments into climate related investments including renewable power, forestry and resource efficiency projects.

Last week, CDC published an ambitious Climate Strategy, which sets out a comprehensive approach to align all of CDC’s investing activities with the Paris Agreement, based on the core principles of reaching net zero by 2050, enabling a just transition and strengthening adaptation and resilience.

CDC is committed to Paris Alignment including net zero emissions by 2050 and will not make new investments in any business – either directly or through an intermediary fund – that is deemed to be misaligned with the Paris Agreement. CDC is targeting 30% of total investments to be committed to climate finance in 2021.

More information here: https://www.cdcgroup.com/en/news-insight/news/cdc-group-unveils-commitment-to-become-aligned-to-the-paris-agreement/.