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<p>Delivering the global transition to a low carbon economy will require unprecedented
levels of investment from the public and private sectors. The Government is fulfilling
our pledge to deliver £5.8 billion between 2015/2016 and 20/21. In addition to investing
our own resources, the Government continues to press multilateral organisations to
help countries tackle climate change through providing finance. The Multilateral Development
Banks have an important role to play, and in the last year the World Bank has set
new targets for the proportion of its finance which contributes to low carbon, resilient
development. In 2018, 70% of World Bank projects include some climate benefits, up
from 37% just two years ago.</p><p>Private finance is crucial, and the Government
uses some of its climate finance to unlock investments from the private sector. To
date, we estimate that the UK has leveraged £910 million of private investment. CDC
and the Private Infrastructure Development Group (PIDG) have a key role in crowding
in other investors and demonstrating that investment in low carbon, resilient development
is possible. CDC has invested over $500 million in renewable power over the last 2
years, and PIDG $300 million.</p><p>The recently published UK Green Finance Strategy
outlines how we will position the UK at the forefront of this global shift, catalysing
the investment needed to transition to a net zero economy.</p>
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