REACTION. 10 November 2026, Antalya.
On day two of COP31, the Multilateral Development Banks (MDBs), countries and private finance groups launched a coalition “to unlock investment in clean electrification in developing countries”.
The Electrify Now Finance Coalition, co-chaired by the World Bank Group, will run to COP33 in 2028 where countries are due to take stock of progress towards meeting climate goals.
Alongside the Coalition, the Climate Investment Funds (CIF) will deploy $94 million in public funding for clean power, grids, storage, and electrification, hoping this will mobilise $1.2 billion dollars in private money – an almost 1:13 mobilisation ratio.
Civil society observers reacted to the announcement:
Rajneesh Bhuee, Recourse: “This push for electrification is commendable, but true progress demands a 100% renewable foundation, not a backdoor for risky fossil gas or nuclear.
“Given the World Bank and other MDBs' track record of backing fossil fuels, we remain deeply skeptical of their leadership here. Electrification only works if it prioritises people’s needs and energy sovereignty through robust public finance and genuine safeguards, rather than dangerous distractions.”
Laurie van der Burg, Oil Change International: “Financing clean electrification in developing countries is essential to a fast and fair fossil fuel phase out and meeting climate goals. But today’s Coalition relies on private finance mobilization fantasies with a track record of failure and risks deepening debts already crippling the Global South.
“OCI research shows that public finance is the driving force behind energy transition progress. Yet, this initiative bets on $94 million in public money leveraging nearly 13 times as much private finance. The reality? Over the past decade, every dollar in concessional energy transition finance only mobilised around one dollar in private investment.
“Rich countries like the UK, which recently cut its international climate finance by a fifth, should instead mobilise greater public resources to deliver clean electrification fast and fair. Rich countries can free up trillions in public money to meet their climate finance obligations alongside domestic spending needs if they end their fossil fuel finance, make polluters pay and change unfair financial rules. We need less gambling with the public’s future and more commitments to solutions which work.”
Rebecca Thissen, Climate Action Network International: “For this electrification push to guarantee peoples' rights and access to renewable energy for all, it needs to be backed by the right finance, following the right principles. We have concerns about the MDBs’ role here, as they continue to finance fossil fuels, including gas, and false solutions, while promoting loan-based finance that exacerbates the debt crisis already hitting the Global South.
“We hope that the electrification deal expected at COP31 will be anchored in just transition principles and backed by grant-based, public finance at a sufficient scale. Anything else is not acceptable.”
Sukhgerel Dugersuren, OT Watch Mongolia: “This announcement mirrors the troubling approach seen at the recent Desertification COP in Mongolia. It’s all about public finance providing sovereign guarantees, cutting red tape and preparing ‘bankable’ projects that can maximise private profit, while completely omitting climate and environmental standards, and the rights of affected communities. For this initiative to genuinely improve lives and strengthen developing economies, it should put the needs of energy users first as stakeholders."