Several UK pension providers have backed the launch of the Emerging Markets and Developing Economies (EMDE) Investor Taskforce, an industry-led initiative looking to unlock private investment to help tackle climate change.

Launched by the UK Minister for International Development and the Economic Secretary to the Treasury, the taskforce brings together leaders from 15 major financial services firms, alongside government expertise from the Foreign, Commonwealth and Development Office (FCDO) and HM Treasury.

Participating organisations include: Aviva Investors, BII, Church of England Pensions Board, HSBC, Legal & General, Lloyds, Nest, Ninety One, People’s Pension, Phoenix Group, Private Infrastructure Development Group, S&P Global Ratings.

The Institutional Investors Group on Climate Change (IIGCC) will also serve as secretariat.

The initiative is looking to unlock private investment to help tackle climate change and take advantage of sustainable growth opportunities across emerging markets and developing economies, which are set to contribute approximately 65 per cent of global economic growth by 2035. 

In particular, the taskforce is looking to develop practical solutions such as capacity building and product innovation to overcome barriers that currently constrain long-term private capital from investing at scale into climate, transition, and sustainable investment opportunities in regions including Latin America and the Caribbean, South and South East Asia, and Africa.

As part of its work, the taskforce will also explore the recommendations from the UK as a Climate Finance Hub report through a number of technical workstreams focused on identifying opportunities and addressing key systemic barriers to capital flows.

Commenting on the launch, Minister of State for International Development, Baroness Chapman, said: “The taskforce is a great example of how we are modernising our approach to international development in action.

"Experts from the UK’s world leading financial sector will help bring opportunities for investors, and help developing economies grow. This is good for those countries, and for the UK.

"These emerging markets are the UK’s economic partners of the future. That’s why it’s so important we get UK private finance for climate and development projects in these countries, which we expect to contribute 65 per cent of global economic growth by 2035.”

Adding to this, Economic Secretary to the Treasury, Emma Reynolds, said: "We are committed to make the UK a global hub for climate finance to boost jobs and investment as part of this government's plan for change.

“To support this ambition, we are delighted to launch this new taskforce which will work with investors to boost investment and unlock private finance to support emerging markets and developing economies and boost the competitiveness of the UK’s climate finance industry.”

Taskforce industry co-chair and Ninety One CEO and founder, Hendrik du Toit, also argued that accelerating sustainable investment across EMDEs is "key" to confronting climate risks and enabling durable, inclusive economic growth globally.

"The newly formed EMDE Investor Taskforce is a vital step forward, offering practical solutions to help UK institutional investors engage with climate, transition, and sustainable investment opportunities in these markets," he said.

"This initiative will play a central role in mobilising capital where it’s needed most and in catalysing broader flows of investment.”

---