Annual Report 2025
Download TIL's 2025 Annual Report
You will find here insights about the most recent challenges of transition finance and investment, inspiring stories and case studies about delivering impact along with returns in the MEASA region.
introduction
Foreword and Executive Summary 2025
This persistent state of uncertainty hampers the ability of systems and institutions to effectively address the growing complexities of the multiple, unrelenting global challenges we face. As such, the polycrisis is not a passing phenomenon but rather an enduring feature of our times — a reality that businesses and investors must learn to navigate with agility, foresight, and resilience.
Foreword and Executive Summary 2025
This persistent state of uncertainty hampers the ability of systems and institutions to effectively address the growing complexities of the multiple, unrelenting global challenges we face. As such, the polycrisis is not a passing phenomenon but rather an enduring feature of our times — a reality that businesses and investors must learn to navigate with agility, foresight, and resilience.
Section 1: Themes
The Evolving Role of Development Finance Institutions in Global Private Equity
Development finance institutions (DFIs) are among the most important actors in the global development finance architecture. According to the Public Development Banks and Development Financing Institutions Database, these institutions collectively managed more than $23 trillion in assets in 2023, underscoring their systemic relevance in global finance.
From Mitigation to Resilience: Sovereign Wealth Funds’ Evolving Climate Strategies
Over the past 25 years, sovereign wealth funds (SWFs) have evolved from specialized state-owned investors into influential participants in global financial markets. Today, they collectively manage more than $10 trillion in assets, shaping capital flows across asset classes and regions.
Understanding Inequality as a Systemic Risk to Financial Markets and Diversified Portfolios, and What Investors Can Do
Climate change and biodiversity loss are increasingly recognized as systemic risks to companies, financial markets, and investors’ diversified portfolios.
Section 2: spotlight on measa
Emerging Carbon Market Frameworks in MENA: A Regional Overview
The Middle East and North Africa (MENA) region is highly vulnerable to the effects of climate change. Already the hottest and driest region on the planet, increasing temperatures and water scarcity could render some areas uninhabitable in the coming decades.
Unlocking Impactful Capital: The Role of the Nigeria Sovereign Investment Authority in Catalysing Sustainable Investment
Africa’s infrastructure deficit remains one of its most pressing development challenges, with an estimated financing need of over $100 billion annually. This gap, which stifles growth, limits competitiveness, and raises the cost of doing business, demands new and innovative financing solutions. In this context, sovereign wealth funds (“SWFs”) have become increasingly vital in reshaping the continent’s investment landscape and altering its development trajectory.
Sustainable Finance in Southeast Asia: Approaching an Inflection Point
Southeast Asia is shifting from pilot projects to the harder work of building the financial infrastructure that can mobilize capital at scale. Shared taxonomies, converging disclosures, and early—but rapidly growing—markets for transition finance are beginning to lay the foundations.