Viewpoint: Let’s turn the World Bank into a mobilizer of private investment to fight climate change
By Lorenzo Bernasconi
At the outset of the One Planet Summit in Paris last December, U.N. Secretary General António Guterres outlined many of the grave challenges posed by climate change. Then the world’s top diplomat offered what was, coming from him, an unexpected solution, one that wasn’t directly related to strengthening political will or environmental regulations, technological breakthroughs or alternative energy sources.
“Finance,” Guterres said, “could be, should be and will be the decisive factor — the difference between winning and losing the war [on climate change].” The financial system, he went on to say, is “awash with funds.” The opportunities within finance are “not scarce,” he said, but “vast.”
Indeed, there is some $200 trillion invested in global capital markets. Harnessing not only the capital within the sector but also the innovative tools it creates to spur investment into the areas of greatest need could rapidly turn the tide, saving us from a dire and ever growing threat.
Photo courtesy of Christopher Michel.