Investments totalling almost $30m from UK and Nordic region DFIs bring commitments so far to $90m for the fund, which supports the uptake of climate insurance in emerging markets.
The multi-institutional investment reflects growing interest in providing affordable insurance to cover Africa’s vulnerable smallholder farmers against climate-related risks.
The new indicators are designed to sharpen the focus of the multilateral development bank group on accountability and impact, as well as standardising measurement of progress across its institutions.
The fund, launched in early 2023, has attracted investment from African pension funds and other local institutional investors, along with development finance institutions.
The grants have a focus on amplifying measures that will benefit low-income and disadvantaged communities, while also helping to achieve net-zero objectives. There are calls for a similar approach to be taken in Europe.
Signatories including impact investors and sector organisations outline measures they say should be implemented to boost private investment targeting poverty in the UK.
Royal London Asset Management is taking a controlling interest in South Yorkshire Pension Authority’s 20,000-acre UK farmland portfolio with a view to extending the use of sustainable farming methods.
Tom Hall, global head of social impact and philanthropy at UBS, tells Impact Investor that collective philanthropy is about more than just pooling financial resources to fund the world’s most urgent challenges.
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