Is a $400mn energy transition fund worth celebrating?

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Financial Times 13h ago

Is a $400mn energy transition fund worth celebrating? - Financial Times

Quick Summary:

The pitch has worked on CDPQ and Omers, two of Canada’s biggest pension fund managers, as well as £1.2tn asset manager Legal and General Investment Management and the £3.1bn Wiltshire Pension Fund, which have piled into the EMTD.

Development economists have argued that cross-border flows of energy and climate-related finance to developing countries, which topped $115bn in 2022, according to the OECD, are an order of magnitude below what is needed.

But critics said the praise from rich countries for such initiatives, which have long underdelivered on pledges to mobilise more private capital, was grasping at straws.“Obviously, the talk is about the potential this signals for further investment, but they’ve been talking for a decade, since [COP21 in] Paris, about bringing in the private sector,” Kozul-Wright said.