DFC Delivers on U.S. Climate Finance Commitments at COP28, Announces More Than $3.7 Billion in Climate Finance in FY2023

Media Release


DUBAI, UAE – The U.S. International Development Finance Corporation (DFC) committed more than $3.7 billion in new climate finance investments in FY23 that are driving the U.S. Government’s climate finance agenda and serving as the backbone of the U.S. Government’s $11.4 billion contribution to address the climate crisis in developing economies.

These new commitments will serve as an integral part of DFC’s efforts to strengthen U.S. climate finance and energy security, DFC Chief Executive Officer (CEO) Scott Nathan announced at COP28, the annual U.N. climate summit. They build on existing efforts to scale, diversify, and mobilize private capital to help communities around the world address grave challenges. But they also capitalize on a once-in-a-generation opportunity––one that will attract tens of trillions of dollars of investment in clean energy and climate solutions across nearly every sector of the economy.

Over the past three years, DFC’s annual climate finance commitments have grown from less than $500 million to more than $3.7 billion. DFC’s climate commitments encompass private sector investment across nearly every sector of the economy including clean energy, food security, water access, critical minerals, adaptation, and nature-based solutions.

Recognizing that climate change represents an enormous challenge––one that can set back global developmental and foreign policy objectives––DFC continued to grow its climate financing at COP28. DFC also announced a new joint declaration to accelerate debt-for-nature transactions, allowing countries to reduce debt service costs that, in some cases, can unlock hundreds of millions of dollars in lifetime savings.

The breadth of DFC’s latest investments finance nature-based solutions that sustain natural ecosystems and the populations that manage them, creating new jobs and encouraging new financial collaboration for projects related to climate and energy.

DFC Chief Executive Officer (CEO) Scott Nathan, Chief Climate Officer (CCO) Jake Levine, Deputy Chief Climate Officer (DCCO) Aparna Shrivastava, and several other DFC officials also traveled to Dubai, United Arab Emirates, to attend the conference.

New DFC commitments announced at COP28 include: 

$50 million to diversify critical mineral supply chains and strengthen energy security: DFC is expanding its financing to build more diverse, resilient, and sustainable critical mineral supply chains by committing a $50 million equity investment in TechMet, a technology metals investment company. DFC financing will support TechMet’s investment in the Phalaborwa Rare Earths project in South Africa, which will assist in the production of rare earth minerals. This will help increase the supply of critical minerals, diversifying vital supply chains that support clean energy technology, and generating positive impact for local communities. DFC CEO Scott Nathan was joined by TechMet CEO Brian Menell at COP28 for the ceremonial commitment signing.

$24 million to bolster nature-based solutions supporting sustainable ecosystem and jobs: DFC is leading efforts to deliver more financing to nature-based solutions that respond to the climate crisis, generate economic opportunity, create jobs, and deliver on the U.S. Government’s climate finance goals. On the sidelines of COP28, CEO Nathan was joined by Miro Forestry Developments Limited (Miro) CEO Andrew Collins and CFO Anthony Gaydon for a ceremonial signing. DFC recently committed a $24 million equity investment in Miro to expand the company’s sustainable forestry and timber processing on degraded land in Ghana and Sierra Leone. DFC financing will build sustainable economic opportunity, increase atmospheric carbon sequestration, and create jobs for rural communities in Ghana and Sierra Leone.

$15 million to strengthen low-carbon transport and mobility in Latin America: DFC is scaling its investment in climate-linked solutions to address the climate crisis and taking concrete steps to drive forward the U.S. Government’s commitment to make the U.S. a leader in financing climate action. While at COP28, CEO Nathan signed a commitment for a $15 million equity investment in Tembici, a micro-mobility platform operating one of the largest shared-bicycle networks in the world. DFC financing will support the expansion of the company’s bicycle-sharing services in Latin America, which will provide municipalities and commuters an affordable, accessible, and market-based solution to improve the utilization of public transportation by providing a last-mile solution. CEO Nathan was joined by IDB Invest CEO James Scriven and Tembici Chief Impact Officer Carol Rivas at the signing ceremony.

Accelerating global financing for debt-for-nature transactions: DFC is a global leader in debt-for-nature swaps, leading efforts to mobilize more private capital in developing economies and catalyze investment in nature conservation. DFC continues its leadership by partnering with multilateral development banks (MDBs), other development finance institutions (DFIs), and non-governmental organizations (NGOs) on a joint declaration at COP28 that will encourage greater action and collaboration on debt-for-nature swap transactions. The joint declaration will seek to accelerate collaboration among the group to scale climate-linked financing and improve access and affordability of credit enhancement instruments, such as credit guaranties, credit insurance, political risk insurance, and other mechanisms that lower or transfer risks investors face on sovereign debt instruments.


The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.