76. World Bank. (2019, 19 December) Global Wave of Debt Is Largest, Fastest in 50 Years [Press Release]. https://www.worldbank.org/en/news/press-release/2019/12/19/debt-surge-in-emerging-and-developing-economies-is- largest-fastest-in-50-years. 77. Climate Policy Initiative. (2024). Landscape of Climate Finance in Africa 2024. https://www.climatepolicyinitiative.org/wp- content/uploads/2024/10/Landscape-of-Climate-Finance-in-Africa-2024.pdf. 78. International Finance Corporation. (2025). Frontier Opportunities Fund [unpublished prospectus shared by the World Bank Group]. 79. Acumen Resilient Agriculture Fund (ARAF). (2025). The world’s first climate adaptation-focussed agri impact fund. https://arafund.com/. 80. British International Investment. (2025). Gridworks Development Partners LLP. https://www.bii.co.uk/en/our-impact/direct- header/gridworks-development-partners-llp/. 81. Nagarajan, S. (2025). The story of Ayana shows BII at its very best. British International Investment. https://www.bii.co.uk/ en/news-insight/insight/articles/the-story-of-ayana/#. 82. YieldCos are special-purpose entities that own operational renewable energy assets and generate predictable cash flows, making them attractive to income-focused investors. 83. DevCos are development companies that focus on building and scaling-up early-stage climate ventures, often before they are ready for mainstream investment. 84. Revego Fund Managers. (2024). Revego Africa Energy Fund is charting new territory in sustainable investing. https://revego.co.za/news/revego-africa-energy-fund-is-charting-new-territory-in-sustainable-investing . 85. ITMOs may also be used by private sector entities for “Other International Mitigation Purposes” (OIMP), e.g. for the International Civil Aviation Organization’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) or for other voluntary purposes. 86. United Nations Environment Programme Copenhagen Climate Centre. (2025). Article 6 Pipeline. https://unepccc.org/ article-6-pipeline/. 87. BloombergNEF. (2025). Long-Term Carbon Credit Supply Outlook 2025. https://about.bnef.com/insights/commodities/ long-term-carbon-credit-supply-outlook-2025/. From Risk to Reward: Unlocking Private Capital for Climate and Growth 51

Risk to Reward 2025