During the 2023 United Nations climate conference in Dubai (COP28), the issue of ‘blended finance’ for climate action was a major focus at the inaugural Business and Philanthropy Climate Forum.1 This event saw global funds – the Green Climate Fund, Allied Climate Partners and Allianz Global Investors – collectively announce the mobilisation of US$ 5 billion through several blended finance structures, bringing together philanthropies, development finance institutions (DFIs), and the private and public sectors.2 But what is blended finance and what role does – and should – it have in climate action? There is already extensive literature on blended finance for development. But the case for blended finance for climate action is still relatively unexplored. This report seeks to help create an informed debate on this issue. And it explores the opportunities, and the risks, that these instruments pose. […]