Climate finance is increasingly being channelled through complex networks of financial intermediaries, and there are significant difficulties associated with tracking and assigning private climate finance (Caruso and Jachnik, 2014). In particular, development co-operation providers’ efforts to improve the environmental performance of businesses often involve working through intermediaries such as banks, businesses and professional associations, as well as companies with extensive supply chains. Similarly, a review of multilateral climate funds found five different routes to mobilise private investment, comprising a combination of intermediaries (Whitley, Chiofalo and Barnard, 2014).