Climate push lifts public-private finance partnerships to $15bn

Goldman Sachs Group is among the global banks that has allocated more resources in the area. Photo: Michael Nagle/Bloomberg

Natasha White

Deals blending public and private funds reached a five-year high of $15bn (€14bn) in 2023, as some of the world's biggest banks and asset managers entered transactions with governments to tackle climate change.

The contributions represent a "directional shift" in the global blended finance market, said Joan Larrea, chief executive of Convergence, a global network of 165 financial institutions that includes Citigroup, Mitsubishi UFJ Financial Group and Standard Chartered.