India, Nov. 11 -- COP31 launched the Electrify Now Finance Coalition on November 10 to accelerate clean electricity investment in developing countries.

The Climate Investment Funds announced $94 million in catalytic finance, aimed at mobilising more than $1.2 billion in private investment for clean power, grids, storage and electrification.

Developing economies account for around 80% of global electricity demand growth, but Africa receives only about 2% of global energy-transition investment.

The COP31 Presidency's Global Electrification Pledge aims to increase electricity's share of final energy consumption from 23% to 35% by 2035.

New partnerships and technical assistance initiatives will help countries modernise electricity grids, ...