Recommendation 21

The government is increasingly shifting its focus to using both ODA and non- ODA instruments to unlock an unquantified amount of private finance for climate and nature outcomes. This is in a bid to use the ODA element of its ICF, and other public finance, to leverage private finance to generate greater impact despite reduced resources. However, in pursuing this objective the 56 government must not lose sight of the primary purpose of UK ODA, including ICF, which is to reduce poverty and promote sustainable development and welfare in the poorest and most climate-vulnerable countries. This means that the government should not deploy its public ICF with the sole objective of generating financial return or commercial market building in middle- income countries. (Conclusion, Paragraph 82)