A consortium of the world’s largest banks and investors have committed $8 billion (£5.5bn) of funding for clean energy projects.
They have joined Bank of America which originally launched the $1 billion Catalytic Finance Initiative (CFI) in 2014 to support sustainable projects.
Eight more banks including HSBC, the European Investment Bank (EIB) and the International Finance Corporation (IFC) are now part of the initiative.
They aim to combine their efforts to increase funding and accelerate the transition to clean energy solutions and advance the Sustainable Development Goals.
The CFI partners claim they will bring expertise in a broad range of financial speciality areas including clean energy infrastructure finance, green bonds, project finance, green asset-backed securities, emerging markets investment and advisory assistance.
In a joint statement, they added: “Financial innovation and capital play a critical role in the transition to a low carbon economy. Through the Catalytic Finance Initiative and this joint partnership, together we can support the transition to a low carbon economy and sustainable growth.
“By providing $8 billion (£5.5bn) in commitments, we can help to advance new investment opportunities in clean energy as well as other sustainable development goals and achieve the necessary scale for a positive impact on climate change.”
The London Stock Exchange Group today joined the Climate Bonds initiative.