UK development arm makes first, $150 mln push into energy transition financing

British International Investment (BII), the UK's development finance institution, announced a $150 million facility to support African companies in reducing carbon emissions. The funding will be channelled through FirstRand's business banks RMB and FNB, targeting high-emission companies adopting cleaner technologies. This marks BII's first foray into energy-transition finance. South Africa may require up to 500 billion rand annually to meet its climate goals, with a significant financing gap remaining. BII's investment aims to accelerate decarbonisation efforts.