BII Fuels Climate Progress With $55 Million In Six Global Initiatives, Including Planet Solar In Sierra Leone And SunCulture In Kenya

British International Investment (BII), the UK’s development finance institution, declared a substantial $55 million climate finance injection, spotlighting its commitment to addressing climate challenges globally. The investments, initially revealed by UK Prime Minister Rishi Sunak at COP28, aim to support nations most vulnerable to the climate crisis.

One significant investment involves $9.8 million in Planet Solar, Sierra Leone’s pioneering solar independent power producer, set to enhance the country’s power supply by approximately 30%. This move addresses Sierra Leone’s urgent need for clean and affordable energy, impacting economic growth and living standards.

BII’s $2.1 million commitment, alongside the Shell Foundation, supports SunCulture in Kenya, enabling a 25-40% reduction in upfront costs for solar irrigation systems. This initiative aims to reach an additional 9,000 smallholder farmers, fostering sustainable farmland productivity and enhancing food security in Kenya.

The portfolio expands with a $25 million commitment to the GEF South Asia Growth Fund III, focusing on climate adaptation, mitigation, and the circular economy in India. Other investments include a $6 million commitment to Southeast Asia’s Wavemaker Impact, a $5 million debt facility for Kenyan-based BasiGo’s 100 electric buses, and a $7 million commitment to the Circulate Capital Ocean Fund l-B, emphasizing circular economy solutions, particularly plastic waste recycling in South Asia and South East Asia.

Amal-Lee Amin, Managing Director and Head of Climate, Diversity, and Advisory at BII, emphasized their dedication, stating, “Climate finance is at the heart of BII’s investment mandate,” highlighting their goal to invest at least 30% of total capital in climate finance during the current five-year strategy period. The climate commitment has already shown significant growth, with the climate finance portfolio increasing from $812 million in 2020 to $1.43 billion in 2022. Additionally, the portfolio’s emissions intensity reduced by almost 50% between 2019 and 2021, showcasing BII’s impactful contributions to a sustainable future.