U.N.’s Carney calls for multilateral development banks to up climate ambition

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  • Carney calls for supporting scalable programs
  • Anything less than $100 billion/year is ‘niche’
  • Carney says private sector will propose plan at COP26
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LONDON, Oct 12 (Businesshala) – UN climate envoy Mark Carney said on Tuesday that the world’s multilateral development banks need to meet “its ambition” in terms of funding provided for climate-related projects.

Speaking in a podcast with Businesshala Breaking View editor Rob Cox, Carney said groups such as the World Bank and other development finance institutions should focus on investments that could raise up to $100 billion a year.

“In climate finance, if something isn’t going to go up to 100 billion a year in the medium term, it’s not interesting, it’s specific; how big is that number,” Carney said.

“So I think MDB needs to think in those terms, creating programs that are scalable, that can reach those levels.”

Looking ahead to the next round of global climate talks in Glasgow in November, Carney said the Glasgow Financial Alliance for Net Zero (GFANZ), a group of financial institutions working to reduce emissions, unveiled a plan to help Will do

“(We) will make some clear proposals for this and hopefully we will gain traction with it.”

On Monday, the GFANZ issued a separate call to action for governments, in which the group said a set of policy changes would help accelerate the world’s transition to a low-carbon economy.

The comments follow criticism from some quarters that development finance institutions have not done enough to help encourage more private sector capital in the fight against climate change, especially in poorer countries.

Earlier this year, BlackRock chief executive Larry Fink called for reforming the World Bank and the International Monetary Fund to provide more first-loss capital to help lower financing costs for private investors. Can you

In a recent interview for the Businesshala Impact conference, however, International Finance Corporation managing director Makhtar Deep said the MDBs were “pushing as hard as they can” and were fit for purpose.

Reporting by Simon Jessop; Editing by Steve Orlofsky

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