There is scepticism around climate finance through private investments, and if private finance is to play a bigger role, policy reforms ahead of this year’s COP30 are needed. Alternatively, could the G20 or BRICS lead on climate finance?
With the globalisation engine no longer as powerful as it once was, economic growth alone is unlikely to eradicate poverty. One complementary approach is to bolster financial inclusion.
Weakening the World Bank and other multilateral development banks that have a large United States presence could present an opportunity for a little-known, relatively new Chinese-led international organisation like the Asian Infrastructure Investment Bank.
Public development banks must spearhead a systemic overhaul of global finance to ensure climate funding reaches the most vulnerable and accelerates the green transition.