Brazil, Mexico, South Africa and Turkey are among countries being promised access to funding to tackle pollution from industries such as cement and steel, as a group of multilateral lenders doubles down on climate action despite the pushback from the Trump administration.
Under a new initiative billed as the largest of its kind, seven countries, including Namibia, Egypt and Uzbekistan, will be able to access finance from a coalition of development banks and funds to deal specifically with greenhouse gas emissions from heavy industry.
The $12.5bn Climate Investment Fund will lead the programme by offering concessional loans of up to $250mn each to the countries with the aim of drawing additional funds from multilateral development banks, the private sector and other investors.