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Climate Finance Accelerator (CFA)
UK - Department for Energy Security and Net Zero
To accelerate the transformation of developing countries’ Nationally Determined Contributions into a pipeline of bankable projects, which have the potential to attract investment at scale from the private sector. The CFA will achieve this by facilitating ‘transaction-oriented’ workshops, convening project developers, policy makers and capital market players from participant countries with UK-based green finance experts.
Taskforce on Nature-related Financial Disclosures programme
Department for Environment, Food, and Rural Affairs
Defra is one of the largest funders of the global, market-led, and science-based Taskforce on Nature-related Financial Disclosures (TNFD) initiative. The TNFD recommendations and supporting implementation guidance enable organisations to assess, report, and act on their evolving nature-related risks, opportunities, impacts, and dependencies, with the ultimate aim of supporting a shift in global financial flows towards nature-positive outcomes and achieving the goals of the Global Biodiversity Framework. Defra contributed £2,626,855 to support the TNFD initiative’s two-year open innovation ‘design and development’ phase, which culminated in the launch of the final TNFD corporate reporting recommendations on nature-related risk management and disclosure in September 2023 at New York Climate Week. From November 2021 – November 2022, Defra also contributed £1,675,000 to fund a TNFD African Voice pilot programme, with Financial Sector Deepening Africa (FSD Africa) acting as the delivery partner. This funding was used to secure engagement by African financial institutions, governments, and central banks, with the aim of ensuring that the TNFD framework is fit for purpose in African contexts. In addition, this funding supported the production of a report examining the materiality of nature-related risks for financial institutions in African contexts. At COP28 in December 2023, the Defra Secretary of State announced an additional £2 million funding to support the TNFD initiative’s global market uptake phase, which is focused on encouraging and enabling voluntary market adoption across sectors and geographies, and supporting efforts to address the knowledge, capacity building and data needs of market participants. In March 2025, Defra approved an additional £1 million funding support for the work of the TNFD's global market uptake phase.
ESRC-FAPESP Creating competitive advantage by serving marginalised communities: UK multinationals and inclusive development in Latin America
DEPARTMENT FOR SCIENCE, INNOVATION AND TECHNOLOGY
"Multinational Enterprises (MNEs) are often blamed for only serving the elite population when they operate in emerging markets. In addition, they require local governments to create infrastructure and arrangements that can support their activities in the respective country, thus diverting resources from underserved communities within the country towards serving the elite population. The purpose of this study is to explore how multinationals from advanced markets can contribute to the achievement of the United Nations' Sustainable Development Goals by addressing the needs of underserved populations and marginalised communities in emerging markets, while also providing expectations of long term economic return to their shareholders. Considering the increased awareness of doing good while doing well, MNEs are beginning to realise that profit maximization is not the only route to success. They need to improve their image and demonstrate that their existence is beneficial for the society in general, that is a more long-term route to achieve a competitive advantage. We intend to uncover the mechanisms and actions required by these companies to serve marginalised communities and to create a positive image in the society. To do so, we build from stakeholder theory, social entrepreneurship and value creation literature, and offer a qualitative cross-country study in Latin America. We will focus specifically on the experience of UK multinationals in Brazil and Colombia. We will collect data through focus groups and in-depth interviews with multiple actors (such as multinationals' executives, NGOs, underserved consumers, community leaders, local government representatives, investment promotion organizations, and local entrepreneurs). We will triangulate by comparing data from focus groups, interviews, and secondary sources to draw trustworthy conclusions. Further, we will use pattern matching and case comparison to analyse and make sense of data and draw conclusions. The MNEDEVELOP project is context specific and will culminate in a set of good practices for decisionmakers to incentivize positive actions by foreign firms that result in economic and social benefits for poorer communities in Brazil and Colombia. To address this complex research question, resources and expertise from the UK and Brazil will be combined. Principal and co-investigators have a successful track record in conducting research on MNEs impact in developing countries, on local firms, on engaging in training for managers, and working directly with policy makers. Key investigators are well-known international business scholars and experts with numerous relevant high-level publications. The UK team will contribute with theoretical framing, sharing research and training skills with local researchers, taking the lead in the analysis of data, producing actionable documents for stakeholders, and drafting academic publications. The Brazilian team will provide indepth knowledge of the research context, drawing on wider networks with businesses locally and close engagement with local societies while collecting data. As results we will provide guidelines for multinationals and other stakeholders as to how inclusive development can be achieved. " COVID-19
Inclusive Green Finance - An evaluation of "Fomenta Maricá", Brazil
DEPARTMENT FOR SCIENCE, INNOVATION AND TECHNOLOGY
This project creates a new collaboration between SOAS (UK) and UFF (Brazil) through a scoping study of the inclusive green finance project "Fomenta Maricá" and a two-day workshop in May 2025 with academics and policymakers. The goal is to evaluate the initiative and potentially suggest improvements and replication in other oil-rich medium-sized cities in Brazil and abroad. Given the negative socio-economic effects of climate change, a green transition strategy is urgent for oil-dependent regions. Maricá is among 485 Brazilian cities that earn royalties from oil exploitation. Maricá's government has led innovative initiatives to re-distribute earnings and foster the local economy. In 2017, it created the first subnational Sovereign Wealth Fund, of which 30% of funds would be allocated to local development projects. In 2020, it launched the programme "Fomenta Maricá", which provides loans to micro- and small enterprises (MSEs). Unlike previous microloans, those funds have higher borrowing limits, low interest rates and longer maturity. The scoping study will analyse existing quantitative data from Maricá's government project "Fomenta Maricá" to understand the profile of borrowers, how they employ the funds and whether they manage to repay the loan fully and on time. We are particularly interested in the disbursement to solar panel installation firms and their application. We will conduct small-sampled qualitative research with borrowers and policymakers to uncover potential challenges and spillovers that might not be grasped by the quantitative information. Given the existing literature, we could assume gender and race barriers and sectoral differences. We also expect challenges from solar panel firms, such as lack of demand and rising business costs. Yet, we could also expect spillover benefits beyond the firm, such as improvements in household well-being and social cohesion. We anticipate that the results can advance existing research on inclusive green finance by providing new evidence of state-led initiatives for sustainable local development. Three Early Career Researchers will form the research team: Thereza B Reis (SOAS), Fernanda Feil and Fernando Teixeira (UFF). Thereza will contribute to the project with her expertise on financial inclusion, Fernanda will contribute with her insights on state-led sustainable finance, and Fernando will contribute with his knowledge about microfinance and subnational Sovereign Funds in Brazil. To consolidate the partnership between SOAS and UFF, we want to organise a 2-day workshop in May 2025 to discuss issues of green finance and financial inclusion. We will organise it through SOAS' Centre for Sustainable Finance and UFF's Financialisation and Development Research Group (FINDE) to promote and strengthen the relationship between those two networks. We expect our preliminary results and workshop to improve Maricá's sustainable development policies, as well as foster similar initiatives for oil-dependent towns in Brazil and beyond. The Global Talent Exchange Award will be essential for the success of the scoping study as it will allow Thereza to conduct fieldwork in Maricá alongside UFF's researchers. Furthermore, it will provide the financing for the workshop, enabling the attendance of participants from outside Rio de Janeiro. Finally, we believe that such connections will allow for future joint research projects and application to larger funds, such as the ESRC-FAPESP grant, which would allow us to expand the research on inclusive green finance to other cities, such as Ilha Bela (São Paulo).
IMPACT - Investment to fund innovative solutions for development and help develop sustainable investment markets
UK - Foreign, Commonwealth Development Office (FCDO)
Investment to fund innovative solutions for development and help develop sustainable investment markets that work for the poor. FCDO is aiming to catalyse the market for impact investment in Sub-Saharan Africa and South Asia. Impact investments are those which have both a financial and social return by benefiting poor and low-income people through improved access to affordable goods and services and income generating opportunities. The Impact Programme aims to promote solutions to the barriers and constraints that are preventing Impact Investing from scaling up in Sub-Saharan Africa and South Asia. The programme seeks to foster a significant increase in the volume and distribution of impact investment, reaching the underserved as consumers, suppliers, distributors or employees, in hard to reach, difficult geographies, and through innovative business models.
Disaster Risk Insurance
UK - Foreign, Commonwealth Development Office (FCDO)
To improve the resilience of the private sector in poor countries to natural disasters by improving access to insurance products. By supporting the development of a market for private sector disaster risk insurance in developing countries, the project will sustainably help strengthen resilience, mitigate the effects of climate change and supporting economic development through private sector growth.
Triggering Investment, Growth & Economic Resilience (TIGER)
UK - Foreign, Commonwealth Development Office (FCDO)
TIGER will allow the UK to support the recovery of Ukraine’s economy in a way that reduces its reliance on external financing, provides a conducive environment for refugees to return, and accelerates convergence with future markets. It will achieve this through five flexible components that can adjust to a deterioration of the situation on the ground and are designed to increase access to finance for Micro, Small and Medium sized Enterprises, and attract investment through new financial vehicles. It will support economic reforms, progress durable solutions in collaboration with the humanitarian response and establish private sector partnerships to tackle growing labour market constraints through increasing the economic participation of women, persons with disabilities, displaced populations, veterans and other marginalised groups.
Commonwealth Veteran's Welfare Programme for ODA Eligible Countries
UK - Foreign, Commonwealth Development Office (FCDO)
To provide commonwealth veterans and their widows/widowers from ODA eligible countries, who worked for British Armed Forces before their countries gained independence, now living in poverty, with two meals a day through a 5 year cash transfer programme.
Global Risk Financing Programme [GRiF]
UK - Foreign, Commonwealth Development Office (FCDO)
To save lives and reduce the impacts of shocks, like droughts, hurricanes and floods through enabling earlier and more effective response and faster recovery. It provides finance to support governments and humanitarian agencies to use risk financing instruments, like insurance and contingent credit, to access more rapid finance in emergencies, and to strengthen preparedness of local systems for disaster response and recovery. It will focus on disasters, but will develop over time to cover a wider range of risks, including famine.
Economic Development In the Caribbean
UK - Foreign, Commonwealth Development Office (FCDO)
This programme will support inclusive economic growth and build economic resilience in the ODA eligible Caribbean countries (Belize, Dominica, Grenada, Guyana, Jamaica, Saint Lucia, and Saint Vincent and the Grenadines) enabling the region to better respond to economic and climate shocks. The programme will have three core pillars: 1) small business development focusing on key growth sectors and diversification; 2) macroeconomic sustainability to generate fiscal buffers and strengthen government capacity in economic management; 3) strategic inclusive economic development interventions, focusing on core policy themes including women’s economic empowerment, social inclusion, skills and data. The main implementing partners include the IMF and the IDB. Caribbean governments will benefit through technical assistance, and businesses will benefit through business advisory support.
India –UK Economic Cooperation Programme (ODA)
UK - Foreign, Commonwealth Development Office (FCDO)
This is a 3 year programme which will help India to implement its proposed economic reforms, climate and infrastructure development priorities, with a view to support its long-term growth objectives. It will provide expertise and support, primarily to Ministry of Finance, with some assistance expected to be provided to a small number of state governments and other Indian agencies. The programme will engage in areas where the UK is well-placed to make the greatest strategic impact: (i) private finance and reforms to the business environment; (ii) tax revenue mobilisation and public finance; and (iii) high quality, low carbon and resilient infrastructure. It will provide up to £1.5m ODA in technical cooperation in 2023/24, with funding allocations for the following two years to be confirmed, subject to a maximum of £4.5 million over 3 years.
POF - Pioneer Outcomes Funds
UK - Foreign, Commonwealth Development Office (FCDO)
A programme to leverage private finance into high performing development projects using Impact Bonds and other pay-for-outcomes models at scale to deliver the Sustainable Development Goals. A multi-donor programme to commission development projects effectively and efficiently using new instruments that facilitate better links between financial markets and providers delivering pay-for-success contracts.
Sustainable Energy and Economic Development (SEED) Programme
UK - Foreign, Commonwealth Development Office (FCDO)
To support provincial economic development and sustainable energy in Pakistan. The programme objective is to address two binding constraints to economic and urban development in Pakistan: weak planning; and energy. The programme aims • To support Pakistan's poorest province, Khyber Pakhtunkhwa to plan and finance the infrastructure and investment it needs for growth, jobs and prosperity. • To address Pakistan’s energy crisis by providing innovative financial solutions to industry for the adoption of sustainable energy practices. The programme will also contribute to Foreign, Commonwealth and Development Office International Climate Fund (ICF) obligations.
Climate Smart Jobs Programme
UK - Foreign, Commonwealth Development Office (FCDO)
To strengthen the climate smart agribusinesses, creating jobs, support climate smart land management & services and to remove barriers that stop businesses getting deals.
Somalia Monitoring Programme Phase 3
UK - Foreign, Commonwealth Development Office (FCDO)
Somalia Monitoring Programme Phase 3 aims to generate and promote use of better evidence and statistics to define, deliver and adjust FCDO programmes in Somalia. It is designed to ensure that British Embassy Mogadishu (BEM), Somali officials and the international community have access to the evidence and statistics needed to ensure programmes and policies are targeted, effective and adaptive; and that risks are identified and managed. SMP 3 involves two key components: the first is Third-Party Monitoring and Learning (TPML) of UK (FCDO) programming in the field, to ensure that our activities deliver expected outcomes, and Campaign Goals in the Somalia Country Plan. The second is support to the Somali National Statistics System to collect, analyse, and use key data enabling the authorities to better target policies and systems that deliver development outcomes.
Investing in Human Capital through Partnerships Beyond Aid in the Social Sectors Programme
UK - Foreign, Commonwealth Development Office (FCDO)
To improve governance and accountability in education, health and social protection sectors and contribute to policy and research which will inform interventions to improve equity and reduce poverty.
MOBILIST - Mobilising Institutional Capital Through Listed Product Structures
UK - Foreign, Commonwealth Development Office (FCDO)
FCDO seeks to support the development of new products that have the ambition to list on major and local exchanges, and by doing so, engage new sources of investment and new investors, to help bridge the SDG financing gap, estimated by the UN to total $2.5 trillion p.a. ODA flows alone will not meet the needs of developing countries, and new sources of private investment will be essential if the SDGs are to be met by 2030. The programme will work with UK-based financial service providers and providers across FCDO priority countries and more widely, working to help mobilise more capital to reach the hardest places, and where the needs are greatest.
Central Asia Small Projects Programme
UK - Foreign, Commonwealth Development Office (FCDO)
This programme will provide the mechanism for embassies to develop small projects to further the aims of the Country Business Plans and develop learning to support wider programming initiatives, with the overall aim of supporting development in the region.
The Ethiopia Investment Advisory Facility (EIAF) Phase II Programme
UK - Foreign, Commonwealth Development Office (FCDO)
The programme aim to provide flexible, demand-led technical assistance to Government of Ethiopia ministries, agencies and state-owned enterprises in order to enhance the effectiveness of public investments and improve the enabling environment for exporters. By providing technical expertise and capacity building in the areas of public investment management; industrial parks and their supporting infrastructure; and trade logistics, EIAF II aims to contribute to outward oriented, manufacturing led, sustainable and inclusive growth in Ethiopia.
Supporting Inclusive Growth in Somalia (SIGS)
UK - Foreign, Commonwealth Development Office (FCDO)
SIGS programme is the UK’s flagship economic development programme in Somalia. Designed as a flexible and adaptive programme it will provide an immediate response to Covid19. It now has a stronger focus on remittances, supporting UK political leadership in this area, and, accelerated support to key Micro, Small and Medium Sized Enterprise (MSME) sectors including domestic food production and marketing. SIGS will deliver activities to 1. Develop and diversify businesses in approx. 4 high-value sectors. 2. Stimulate investment through developing the financial sector and related policy and or regulatory capacity. 3. Develop the evidence base on inclusive, sustainable, economic development in Somalia. SIGS will provide an essential policy and influencing resource for UK leadership on HIPC debt relief and or the associated reforms, including on the financial sector and counter terrorist financing.
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