Blended Finance for Fighting Climate Change Is Stalling at Alarmingly Low Levels

Projects combining private and public capital to cut emissions or adapt to climate change have stalled at a dangerously low level, according to a fresh report.

Just $15.5 billion was mobilized globally last year across a total of 84 deals, Convergence, a network of 194 financial institutions, said on Monday. The figure, which doesn’t yet reflect the US government’s retreat from such programs, is down from a peak of $20.2 billion in 2023. Just 5% of the money raised has gone to the poorest countries where it’s most needed, according to Convergence.