The Committee invites the members of the Climate Finance Project Team and any members interested in sharing their perspectives on "How to finance the climate transition towards net-zero?"
The Bretton Woods Committee Blog aims to help global leaders envision how to evolve and strengthen the multilateral financial system and encourage policymakers to recommit to the value of international economic cooperation. Calls for submissions vary dependent upon timely global events, but submissions are encouraged on any relevant topic on an ongoing basis.
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The climate crisis is too immense, too serious and too urgent to rely on the resources of public institutions alone. Today, the private sector is underexploited in its dedication to climate investments, despite managing over 210 trillion USD in assets (Source: greenclimate.fund).
As governments across the world institute targeted policies and incentives to achieve their climate change and green growth ambitions, the private sector has an unparalleled opportunity to deliver the investment needed to spur innovation and create thriving markets for climate.
In 2020, MDBs mobilized only $0.26 of private climate capital for every $1 of MDB investment in low-to-middle income countries ($9.9 billion on $38 billion), according to MDBs joint self-reporting. Thus, the evolution of the MDBs' role and their instruments are likely the first step needed towards improving the mobilization of private investment.
Orchestrating such a dramatic shift in addition to the current MDB mandates will not be easy. Aside from providing proper investment incentive and setting conditions for government shareholders, MDBs must be willing to invest significant time, thought, and money into scaling up current operations and building additional capabilities surrounding capital stewardship and managing new success metrics. And at this critical juncture in time, with the escalating war in Ukraine, the question is whether such a shift can happen rapidly enough to allow the world to meet its tenuous climate goals — and if the economic disruption caused by the war will be a long-term setback, rather than a stark incentive towards a green transition.
BWC wants to hear its members’ take on feasible solutions to help MDBs incentivize and mobilize increased private investment towards the goal of net-zero, and sustain climate innovation.
Please send submissions to firstname.lastname@example.org.
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