2014 - 2018


Climate Private Public Partnership Programme – Monitoring and Evaluation

CP3 aims to increase the amount of funding in private equity for climate investments through directly funding two commercially run private equity funds with a leveraging effect of bringing on board other donors and other institutional investors. LTS provides rigorous M&E of CP3, for both accountability and learning, to inform on-going delivery and to help mitigate some of the risks associated with this highly innovative programme.

  • DFID/DECC funded; CPI is the lead partner; total LTS budget is about £200k
  • The CP3 project is a total of £130 million, mainly invested in two private equity funds managed by the ICF- Catalyst Fund and the ADB run Asia Climate Partners. The portfolio also includes smaller investments which are aimed at addressing regulatory and market barriers to climate friendly investments.
  • LTS provides support in monitoring and evaluating the development outcomes of the CP3 investment. The overall evaluation approach focuses on assessing impact dimensions, including financial leverage, human development impacts and transformational impacts, such as the creation of financial infrastructure and local capital markets.


To drive low-carbon climate resilient growth in developing countries, private finance for climate friendly investments needs to be mobilized at scale, but the market remains sceptical. To test, stimulate and mobilize finance, CP3 is participating as an equity investor in two private equity funds. These investments – while expected to deliver climate and development benefits – are also expected to provide commercial returns to the UK Government. The ability to generate commercial returns is central to the CP3 theory of change – demonstrating to the market that climate investments are feasible and profitable.  This will help unlock additional private finance.

This is conceptually innovative, so capturing the results and testing the original theory of change model and its underlying assumptions is critical.


LTS has supported the design and implementation of a robust theory-based monitoring and evaluation strategy for the entire CP3 programme that:

  • Assesses the success of the CP3 programme in driving low-carbon, climate resilient growth in developing countries.
  • Tests the transformational effects of CP3 and the theory of change and its underlying assumptions.
  • Uses utilisation and realist approaches to identify key findings and recommendations.
  • Relies on a mixed methods approach, including case study and portfolio level analysis to identify portfolio level trends, rubrics and contribution analysis to triangulate key findings.
  • Uses data collection and indicator selection methods including key informant interviews, evaluator judgement, indicator proxies, survey data and field site data.

Makes recommendations to enhance the effectiveness and efficiency of the CP3 programmes and disseminates evaluation approaches and lessons learned to HMG offices and more widely. 

Value and benefits

The focus is on ensuring that evidence from M&E feeds back into programming decisions and tests the design assumptions of the CP3 model – particularly important given the innovative concept of using private investment for development benefits.  Lessons and evidence will be of interest to when designing new programmes in this space.

Clients: Department for International Development



Geography: Worldwide

Date: 2014 - 2018

Keywords: Climate Change, M&E, DFID

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