In the case of climate action, the focus on mobilising private climate finance has been driven largely by the United Nations Framework Convention on Climate Change negotiations and financial commitments made by developed countries to address climate change in developing countries. This has resulted in high visibility for tracking the amounts of private capital mobilised, but less attention to the effectiveness and impacts of these efforts. In particular, some authors note that there is no clear consensus among development co-operation policies and practice regarding the overarching ‘theory of change’ in engaging the private sector for sustainable development (Kindornay and Reilly-King, 2013, Vaes and Huyse, 2015).