Blended Finance Climate Funds

Shell Foundation made a cornerstone investment in the Lendable Transportation and Energy Fund, anchoring the fund's first-loss tranche alongside funding from the UK government's Foreign, Commonwealth & Development Office. The fund reached $135 million at its first close in December 2025 and targets $200 million by mid-2027.

Its first two investments highlight the focus. Watu will scale its lease-to-own e-bike business to about 1,000 vehicles per month across Africa, building on more than 8,000 electric vehicles financed to date. A $5 million facility will help Metafin finance solar systems for an additional 1,300 rural enterprises in India, avoiding an estimated 11,000 metric tons of CO₂ equivalent.

As emerging markets seek climate capital, this fund signals how first-loss philanthropic capital can attract senior investors, finance clean transport and solar, and expand access to credit.