ESG & Investing
How the World Bank Can Help Save the Planet
Big banks want multilateral development institutions to act like insurers, reducing the risk for private investors to finance climate-friendly projects.
The World Bank Group headquarters in Washington, DC, US, on Tuesday, Sept. 27, 2022.
Photographer: Samuel Corum/BloombergThis article is for subscribers only.
The World Bank is set to wield huge influence over how the energy transition is financed, potentially dwarfing the promised efforts of Wall Street giants like JPMorgan Chase & Co. or BlackRock Inc. to help eliminate emissions.
In fact, without the World Bank and other so-called multilateral development banks (MDBs), the dollars sitting on the balance sheets of financial firms may never be reallocated to climate-positive investments at the magnitude required to slow catastrophic global warming.