Norad's catalytic capital mandate encompasses work on climate, and private sector development, and financial markets. Within climate, Norad's efforts are meant to trigger more commercial, sustainable renewable energy investments, particularly in smaller projects, and improve access to guarantees for Norwegian and international actors. In addition, Norad has a guarantee scheme for renewable energy investments, and has contributed to blended finance fund structures to increase access to capital for climate adaptation and food security and resilience (FASA). In the area of private sector development, Norad has provided blended finance support to UNCDF’s SDG500 fund (structure 3) and to Equity Foundation / Equity Bank in Kenya (structure 1), including first-loss facilities and technical assistance. SDG500 has mobilised three times as much private capital, with total assets under management of USD 500 million. Norad also subsidises guarantee premiums in high-risk markets through its enterprise support scheme. In the financial markets space, Norad supports the Mobilising Institutional Capital Through Listed Product Structures «MOBILIST» program established by FCDO. MOBILIST aims to mobilize institutional capital at scale to fill the SDG financing gap through listing investment products on international stock exchanges.