Impact investor British International Investment (BII) has announced that it has delivered $500m of climate finance so far this year and is on course to significantly exceed its annual 30 per cent climate finance target.

BII, the Government’s primary vehicle for delivering climate finance to the countries most vulnerable to the impacts of the climate emergency, said the amount compared to just $38.8m in 2015.

Speaking at COP27, Nick O’Donohoe, chief executive of BII, said: “BII has exponentially increased its commitment to fighting the climate emergency over the last decade. We are now one of the largest providers of green investment in Africa and I fully expect that our levels of climate finance will continue to rise over the next decade.”

BII supports Africa’s entrepreneurs who are providing solutions to combating the climate emergency and recently announced that it had anchored the first $200m close of the African Forestry Impact Fund, a sustainable forestry fund managed by New Forests.

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