It is designed to increase climate lending by participating banks to 30% of their portfolios by 2030, while reducing exposure to coal

Programmes supported will include the flagship Blue Planet Fund for marine conversation as well as projects to maintain forests and tackle the illegal timber trade and deforestation

Prime Minister Boris Johnson has also made a commitment to end taxpayer support for fossil fuel projects overseas ‘as soon as possible’

IFC and the Hong Kong Monetary Authority will bring together financial and research institutions as well as technology providers to develop, build and boost the capacity for green finance

Low and middle-income economies received around 67% of the total funding

They remain the largest provider of public climate finance, which has more than doubled since 2013, to help developing nations cope with the impacts of climate change

The Memorandum of Understanding establishes a framework of co-operation to collaborate in a number of areas to tackle climate change and boost finance

The additional investment will focus on low and middle-income economies as well as on climate adaptation

Climate Bonds expects the impact of the EU’s Technical Expert Group on Sustainable Finance will help open the 2020s path toward the first trillion in annual green finance investment

Around three million people in Colombia have no access to electricity