LONDON — Multiple donors and international organizations announced new commitments to climate finance efforts directed at developing countries during London Climate Action Week, which concluded on Sunday. Bloomberg Philanthropies pledged $285 million to expand clean energy infrastructure in developing economies.

The Climate Investment Funds committed $250 million each to Brazil and Mexico. Officials from the Climate Investment Funds stated these pledges are expected to help generate over $5 billion in private financing. Sustainable Energy for All (SEforALL) and the Global Climate Finance Centre signed an agreement during the week to enhance emerging economies' capacity for sustainable projects.

The United Nations' international climate summits for 2024 and 2025 set a goal of $1.3 trillion in annual climate mitigation and adaptation funds flowing to developing countries by 2035. A November 2025 report from the London School of Economics and Political Science recommends that this annual climate finance target be divided between private investment and multilateral development banks. As of 2024, nearly 70 percent of international climate finance consisted of loans, according to Oxfam International.

Patricia Espinosa, former executive secretary of the United Nations Framework Convention on Climate Change, discussed the potential of emerging economies. "The emerging economies driving global energy demand are also those with the greatest potential to power themselves with renewables," Espinosa said. "Many of them have set ambitious clean energy targets, and there is no one blueprint for how the transition happens." She added, "It must be adjusted to the realities of each country, its companies, and its people." Espinosa said, "What they do share is a need for an effective enabling environment and the infrastructure to translate those targets into deployment at scale."

Tamojit Chatterjee, a senior officer at Sustainable Energy for All (SEforALL), emphasized the role of the private sector in funding climate initiatives. "The amount of money that is required for the transition, it can't be done by the public sector alone," Chatterjee said. "You need the private sector to come in at scale, and the job of the public sector is to make the environment conducive so that the private sector can come in and scale up things." Chatterjee also noted, "This is a good moment because you have the technology policies, the political will, the innovation on business models and the investment side all coming together."

Reimund Schwarze, an environmental economist with the Helmholtz Centre for Environmental Research in Germany, noted the importance of multilateral development banks. "This move from the billions to the trillions will mainly, at heart, be driven by what the multilateral development banks are doing," Schwarze said.