These ‘Beautiful’ Banks Are Being Pitched to Save Climate Finance
“Development banks are lending in the order of around $200 billion a year. We need them to be lending three times that amount,” says Avinash Persaud, climate adviser to the Inter-American Development Bank, on Zero.
Ajay Banga, president of the World Bank Group, left, and David Rubenstein, co-founder of Carlyle Group Inc., during an Economic Club of Washington event in Washington, DC on March 20.
Photographer: Kent Nishimura/BloombergDeveloping countries require trillions of dollars a year to transition to clean energy and build climate-resilient infrastructure. So where will the money come from?
Avinash Persaud, special adviser on climate risks to the president of the Inter-American Development Bank, joins Zero to make the case for giving more money to multilateral development banks (MDBs), such as the World Bank. He calls them “beautiful” for their ability to funnel hundreds of billions of dollars a year to poorer countries around the globe, much of which goes to climate projects.