Electrify Now Finance Coalition launched at COP31

New global finance coalition launches at COP31 to unlock investment in clean electrification in developing countries

New Electrify Now Finance Coalition launches, backed by COP31 Presidency and COP32 hosts Ethiopia, as new Climate Investment Fund investments aim to mobilise over $1.2bn for clean electrification projects and Ethiopia launches Finance Mission partnership with UK. 

ANTALYA, 10 November 2026: A new international coalition of governments, development banks and private finance groups will be launched today at COP31 to unlock investment in clean electrification across emerging and developing economies.

The Electrify Now Finance Coalition, to be announced at the Global Electrification Ministerial, will be time-bound running to COP33 in 2028 working with developing-country governments to build investable project pipelines, reduce risks, tackle regulatory barriers and improve access to finance. 

The World Bank Group will be working with COP31 Presidency and Ethiopia COP32 Presidency, MDBs, IFIs, private finance groups, technical partners and the Electrify Now Government Coalition, to support and develop the Finance Coalition’s work plan as its co-chair in 2027.

The Finance Coalition will launch alongside new SEforALL analysis that finds that while developing economies are driving around 80% of the growth in global electricity demand, around 90% of global energy-transition investment goes to advanced economies and China, with Africa receiving only around 2% of that total. 

Alongside the Coalition, the Climate Investment Funds (CIF) will announce the first five MDB-led investments under its new AMPLIFi programme, deploying $94 million of catalytic finance to developing country projects aiming to mobilise more than $1.2 billion in private investment for clean power, grids, storage and electrification.

Announcements at the event will also show how this approach is being put into practice in individual countries. Ethiopia will announce a new partnership with the UK and Brazil-led Global Clean Power Alliance (GCPA) Finance Mission, with support focused on expertise, investment plans and project pipelines needed to mobilise finance behind Ethiopia’s new National Electrification Program (NEP 3.0). 

The UK will also announce expanding delivery across Brazil, the Eastern Caribbean, East Africa and ASEAN, supporting green industry, clean power, regional electricity trade and the ASEAN Power Grid.

The event also spotlighted the launch of the new Grids Technical Assistance Solutions Hub that will connect governments, regulators and grid operators with new world-leading expertise to plan, finance and modernise electricity grids, helping countries integrate more renewables and deliver reliable, affordable clean power.

Commenting on the launch of the Finance Coalition, COP31 Presidency Murat Kurum, said:

“At the start of our Presidency, we made electrification one of COP31’s top priorities. Today we are bringing together in Antalya the governments, development banks and investors who will finance and deliver real results. This coalition will help developing countries build strong project pipelines and attract the investment they need. This is how COP31 is starting a new era of electrification.”

Minister Dr Ing. Dr Habtamu Itefu, Minister for Energy and Water for Ethiopia, COP32 hosts, said:

“For Ethiopia, electrification is not only an energy transition agenda; it is a fundamental development imperative. We warmly welcome the launch of the Electrify Now Finance Coalition as an important initiative to accelerate clean electrification. As Ethiopia prepares to host COP32 next year, we look forward to working with the Finance Coalition and international partners to mobilise the finance and support needed to overcome investment barriers, accelerate clean electrification, and ensure that no community is left behind in the global energy transition.”

CIF CEO Tariye Gbadegesin, said:

"Every pound of AMPLIFi finance is expected to mobilize six to twelve pounds from the private sector for high-impact clean energy projects in developing countries, making it a highly effective use of public finance. That's a powerful boost for developing countries who need help shifting to cleaner, cheaper, more resilient power. The ongoing energy crisis has revealed the costs of depending on imported fuel, and countries understandably want to build energy systems that ensure greater stability and affordability."

Further quotes and information can be found in the notes. 

Notes to Editors:

The Electrification Ministerial, co-hosted by the COP31 Presidency and European Commission will be at 3.30pm-5.30pm in Plenary Hall 2/ Akdeniz at COP31. 

Electrify Now Finance Coalition:

The Finance Coalition will put developing-country priorities at the centre of international cooperation to mobilise private investment in clean electrification. It will be a time-bound effort running to the Second Global Stocktake at COP33 in 2028. The Finance Coalition will engage directly with governments and regional organisations to help emerging markets and developing economies address the practical barriers preventing faster adoption of clean electrification. 

A shared work programme across Finance and Government Coalition will be developed for 2027 including engaging developing-country governments and regional organisations to identify priority needs and opportunities for cooperation. Progress will be considered at key international and regional meetings leading up to the Second Global Stocktake, including London Climate Action Week, COP32 and relevant G20, World Bank and IMF meetings. 

At launch on 10th November, the confirmed Electrify Now Finance Coalition members are: World Bank Group (WBG), African Continental Free Trade Area (AfCFTA), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), Institutional Investors Group on Climate Change (IIGCC), Organisation for Economic Cooperation and Development (OECD), Green Finance Institute (GFI), Sustainable Energy 4 All (SEforAll), UN Industrial Development Organisation (UNIDO), the International Energy Agency (IEA), the Climate Investment Funds (CIFs), the Energy Transitions Commission (ETC) and the Green Grids Initiative (GGI). The Coalition is now open to other members to join in anticipation of its first work programme being launched in 2027.

Other supporting quotes are set out below:

Harry Boyd Carpenter, Managing Director Sustainable Infrastructure Group, European Bank for Reconstruction and Development (EBRD) said:

“The next chapter of the energy transition is about electrifying our economies with clean power. For the EBRD region, this is a huge opportunity to strengthen energy security, modernise industry, improve competitiveness and deliver sustainable growth. Electrification, together with tripling renewable energy capacity, is central to our Green Economy Transition strategy. Through Electrify Now, we are ready to work with policymakers, clients and financial partners to turn that ambition into investment and accelerate clean electrification across our economies.”

Ilan Goldfajn, President of the Inter-American Development Bank Group (IDB), said:

“Latin America and the Caribbean has a major opportunity to harness its vast natural resources and expand electrification to boost productivity, competitiveness, and energy security. At the IDB Group, we are helping countries expand access to reliable and affordable electricity, create the conditions for greater private investment, and meet growing demand across the economy, including from mining and AI. Through Electrify Now, we aim to deepen international cooperation and turn the region’s energy potential into economic growth.”

Ambroise Fayolle, Vice President, European Investment Bank (EIB), said:

“Accelerating clean electrification is essential to building strategic autonomy and more competitive, affordable and energy secure economies, while helping countries deliver on their climate plans. We strongly support Electrify Now. We are building on our financing and advisory expertise to work with the European Commission and our partners to boost clean energy investment globally.”

Stephanie Pfeiffer, CEO of the Institutional Investors Group on Climate Change (IIGCC), said: 

"Clean electrification is one of the clearest opportunities to deliver energy security, economic resilience, and long-term sustainable development in emerging and developing economies. But delivering on this ambition requires strong partnerships to strengthen markets and shape investable project pipelines. The Electrify Now Finance Coalition can help by bringing governments, development banks and private finance together to address the practical barriers that hold back investment. IIGCC is pleased to join this effort and to bring the perspective of long-term investors to accelerate electrification globally." 

OECD Environment Director, Jaime de Bourbon de Parme, said: 

“Accelerating clean electrification can strengthen economic growth, improve energy security, lower energy costs for households and create quality jobs. Mobilising investment at scale, particularly in emerging and developing economies, will be critical to realising these benefits. OECD analysis highlights both the scale of the economic opportunity and the financing challenge, and can help inform efforts to attract investment and accelerate electrification worldwide.”

Marcus Stewart, Head of Secretariat, Green Grids Initiative (GGI), said: 

“A key obstacle to accelerating electrification in emerging markets is unreliable electricity networks. We look forward to playing a key role in enabling investment in grids and electrification through our Technical Assistance Solutions Hub that we are launching at COP31. This is what will help these countries achieve energy security and economic prosperity based on renewable-powered electrification.”

German Parliamentary State Secretary Johann Saathoff, Federal Ministry for Economic Cooperation and Development, said:

 “Electrification is key to achieving our climate goals – and requires ambitious initiatives: Electrify Now and the Finance Coalition will help tackle investment barriers to achieving the global '35 by 35' electrification target. Electrification must be powered by renewables and leave no one behind. Germany’s development cooperation supports partner countries in advancing the transition away from fossil fuels and improving access to affordable, reliable, sustainable and modern electricity for all. Through Germany’s collaboration with development banks in support of Mission 300, the Global Energy Transformation Programme or the Africa-EU Green Energy Initiative, we tackle climate change, strengthen economies and improve people’s lives.”

Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, said:

"Electrification presents an opportunity to industrialize, create jobs, improve livelihoods and strengthen energy independence. To supplement the knowledge base underpinning the 35-by-35 target, the COP31 Presidency has worked with Sustainable Energy for All to launch a new report, The Electrification Opportunity. Published at COP31, the report clearly sets out the  opportunities that electrification brings for emerging markets and developing economies."

Sir Jonathan Taylor, Chair of the UK Green Finance Institute, said: 

“With capital competing for opportunities globally, we need to reduce the barriers to investment and build repeatable financing models that can bring private capital into electrification at scale. Generating more clean power is important, but only one half of the challenge. We also need to finance the grids and infrastructure that get that power where it needs to go. That is an ambition we share with the Electrify Now Finance Coalition.” 

Ita Kettleborough, Director, Energy Transitions Commission, said:

“ETC’s Still Vital, Still Possible analysis shows that keeping global warming well below 2°C is still within reach but demands urgent action. Accelerating clean electrification is the single largest lever, and unlocking its full potential requires cheaper, more accessible finance, but high financing costs continue to hold back investment, particularly in emerging and developing economies. The Electrify Now Finance Coalition is a welcome step towards mobilising the investment needed to turn ambition into action at scale.”

Further details of announcements:

Ethiopia: Announced a new partnership under the Global Clean Power Alliance Finance Mission focused on building institutional capacity, investment plans, project pipelines and tackling investment bottlenecks, in order to help mobilise finance behind Ethiopia’s National Electrification Plan published in August 2026. Details of the Action Plan that summarises the key areas of support agreed for 2027 will be published on 10th November on gov.uk.

The UK is announcing new support for mobilising private finance through the GCPA Finance Mission, including the launch of a bespoke Project Preparation Facility in Brazil, expansion of a clean energy procurement aggregation platform in the Eastern Caribbean and technical support for East African power pools, and the launch of two new Partnerships focused on accelerating investment in clean electrification in COP32 hosts Ethiopia, and on mobilising finance for the ASEAN Power Grid. Details for all these can will be available here: https://www.gov.uk/government/publications/global-clean-power-alliance-finance-mission-update-november-2026COP31  

The Climate Investment Funds: The CIFs showcased the first five projects receiving funding under its new AMPLIFi modality which aims to use innovative catalytic finance to achieve new levels of private capital mobilisation via MDB-led clean energy projects of as high as 1:12. These projects are:

1. Small Island Developing States (SIDS) renewable energy guarantee programme: US$15m of AMPLIFi first-loss guarantees, delivered with the World Bank/IBRD, provide payment security for renewable energy and battery storage projects. Could help unlock around US$150m of private investment initially (approximately 10:1), with the wider SIDS-RISE platform aiming to mobilise over US$1bn over time. 

2. South Africa grid investment platform: US$15m of CIF junior equity into a Credit Guarantee Vehicle, with the African Development Bank, through the Infrastructure Credit Enhancement Platform. Could help unlock around US$253m of private capital in transmission and grid infrastructure, rising above 20:1 if expected co-financing and portfolio leverage materialise.

3. Liberia utility-scale solar and battery-storage payment guarantee: a US$15m CIF first-loss payment guarantee, with the World Bank/IBRD, covering utility off-taker risk under LESSAP-2. Could help unlock around US$200m for solar and battery projects, supporting Liberia’s first utility-scale private renewable-energy independent power producer programme.

4. Latin America and the Caribbean first-loss equity: US$15m of CIF junior first-loss equity, with IDB Invest, invested in two regional funds targeting sustainable infrastructure, renewable energy, storage, waste management and climate-focused growth companies. Aims to attract at least US$12 of private capital for every US$1 invested.

5. Multi-country green lending: a €27m CIF base guarantee, with the EBRD, through the Green Impact-Linked Transition Portfolio Guarantee. Supports local banks in lending €360–480m to SMEs, households and underserved borrowers across 17 countries for renewable energy, storage, efficiency, electrification, low-carbon transport and industrial decarbonisation.

Launch of new Ethiopia partnership: Ethiopia announced a new partnership with the Government of Ethiopia along with a published country action plan. The plan outlines the priority areas as agreed with Ethiopia where the FM will look to mobilise support, including on grids, distribution, transmission and project readiness support. The Coalition will form a key pillar of the Electrify Now platform, launched at London Climate Action Week in June this year. Working in partnership with the existing Governments Coalition and the NGO-Business Coalition it will support implementation of the Electrify Now statement and the COP31 Electrification Pledge, alongside the first Global Stocktake goals of tripling renewable-energy capacity, doubling the rate of energy-efficiency improvement and transitioning away from fossil fuels. 

The UK made the following Global Clean Power Finance Mission announcements:

Brazil Project Preparation Facility: Launch of the first Call for Proposals process under the Brazil Project Preparation Facility (PPF), aiming to unlock investment in transformational clean energy and industrial projects and support Brazil’s green industrial ambitions. This new facility will work closely with the Brazilian Investment Platform (BIP) in support of Brazil’s energy transition goals.

ASEAN Centre for Energy regional grids partnership: New partnership with the ASEAN Centre for Energy (ACE) focused on advancing regional grids, barriers to private finance and progressing priority cross-border electricity projects towards investment. This is the GCPA FM’s first member in Asia and ensures the FM has a global footprint.

East Africa RETRADE support

US$4 million of UK support through World Bank ESMAP to strengthen regulatory foundations for cross-border electricity trade and investment in regional transmission. 

Eastern Caribbean RREIIF: A new package of support through the Resilient Renewable Energy Infrastructure Investment Facility (RREIIF), helping Caribbean partners turn clean energy priorities into investable projects, strengthen local financial capacity through UK expertise, and unlock investment in more resilient, affordable power across the region. This brings together the World Bank, UK Green Finance Institute, and other Finance Mission partners. We also anticipate an announcement for new Climate Investment Funds (CIF) funding aimed at leveraging additional private finance – tbc. 

Tanzania: US$2 million of UK-backed World Bank Group ESMAP support to improve conditions for private participation in renewable generation and transmission.

The Green Grids Initiative announced The Grids Technical Solutions Hub:

• The Hub will coordinate bespoke technical assistance for governments, regulators, utilities and system operators on grid planning and investment, system flexibility, storage, digitalisation, resilience and renewable-energy integration, matching countries with specialist delivery partners.

• It brings together a wide network of international expertise, with GGI as secretariat and IRENA as a lead partner, alongside organisations including UNEZA, NESO, the African Development Bank, Inter-American Development Bank, Carbon Trust, Mott MacDonald, GIZ, Arup and others.

• Technical assistance can unlock significant benefits from existing and future grids: Carbon Trust modelling identified US$730 million in potential annual savings in Colombia, while NESO's demand-flexibility work in Britain enabled 2 million users to shift 4 GWh of demand in winter 2024/25, reducing pressure on the grid and saving £483,000 in balancing costs.

New analysis:

The new SEforAll report The Electrification Opportunity, finds that:

• The opportunity is enormous and largely deployable today: commercially available technologies can already electrify around 75% of global final energy demand, across transport, buildings and significant parts of industry. Electric technologies are typically around three times more energy-efficient than the fossil-fuel technologies they replace. 

• Finance, rather than technology, is increasingly the binding constraint: around 90% of global energy-transition investment remains concentrated in advanced economies and China. Africa receives only around 2% of global clean-energy investment, while the cost of capital for clean energy in emerging and developing economies is at least twice that in advanced economies. 

• Investment in electrification can deliver growth and energy security as well as climate benefits: faster electrification could cut the energy-import bills of fuel-importing countries by more than US$400 billion by 2035, while replacing volatile imported fossil fuels with increasingly domestic electricity.

The OECD input note to the COP31 Presidencies “Financing Electrification” showcases key findings from the Organisation’s work:

• Governments can mobilise greater private investment in electrification, by turning investment needs into investable opportunities across the value chain. Electrification assets can attract private capital, including institutional investment, where projects combine investable structures with predictable revenues and credible investment frameworks. Successful examples in countries such as India and Brazil show how these conditions can mobilise private and institutional capital.

• Institutional capital can play a greater role in financing electrification: Achieving 35% global electrification by 2035 requires about $3.5 trillion of annual investment globally, up from around $1.8 trillion today (IEA). Pension assets across OECD countries indicate the scale of globally available capital and reached $78 trillion at the end of 2025, equivalent to 106% of GDP. Mobilising a greater share of institutional capital for electrification, including in emerging markets and developing economies (EMDEs), requires sustained project pipelines, appropriate financing structures and targeted public interventions, including guarantees and concessional finance where risks cannot otherwise be allocated efficiently.

• Finance must fit different technologies, markets and project stages: there is no single financing model for electrification. Public and specialist capital can take early-stage and construction risk, while mature assets such as operating renewables and grids can increasingly attract long-term institutional capital and lower-cost debt, recycling scarce public finance into the next generation of projects.

The OECD input note to the COP31 Presidencies “Economic opportunities from accelerated electrification” demonstrates that:

• Electrification can support economic growth and energy security: Increased investment in electricity infrastructure, greater energy efficiency and reduced reliance on imported fossil fuels can strengthen economic resilience and improve exposure to volatile fossil-fuel prices. OECD modelling of a broader energy transition including faster electrification projects global GDP 0.2% higher in 2040 than under current policies, provided that investment is mobilised.

• The economic opportunity could be particularly significant for emerging market and developing economies: OECD modelling of country-level energy transition scenarios with higher electrification projects GDP in 2035 to be 1.5% higher in South Africa, 1.0% higher in Indonesia and 0.6% higher in Viet Nam than under current policies, driven mostly by additional investment in clean power, grids and electric technologies. The effect of electrification on economic growth depends on countries’ economic structures, financing conditions, reliable electricity infrastructure and policy choices. 

• Electrification is creating jobs today and can support further employment gains: an energy transition including faster electrification is projected to raise global employment above current-policy levels through 2040, with growth in renewable electricity, construction and services more than offsetting losses in fossil fuel sectors. Reskilling and worker support can help realise these gains while limiting adjustment costs, as new jobs often arise in different regions and require different skills.

New analysis from the Energy Transitions Commission released Friday 6th November identified accelerating clean electrification as the most important priority action for limiting climate overshoot, estimating that further action on clean electrification could reduce warming by around 0.3°C, see here: Still Vital, Still Possible: How Governments and Businesses Can Work Together to Limit Global Warming 

UNIDO, also launched its new Industrial Electrification Readiness Index: Industry plays a key role in the energy transition, producing the materials and equipment needed for clean electricity systems while also being a major energy user. UNIDO’s new global Index assesses five dimensions of industrial electrification readiness (power, economics, finance, policy and skills) across 143 countries. It aims to help governments, businesses and development partners identify barriers, prioritise action and develop investable projects.

https://decarbonization.unido.org/resources/industrial-electrification-index/

ENDS