The World Bank Group/IMF Spring Meetings are afoot this week and—in a public virtual event on Key Green Transitions this morning—World Bank President David Malpass, U.S. Special Presidential Envoy for Climate John Kerry, Indonesia’s Minister of Finance Sri Mulyani Indrawati, and Macquarie Group CEO Shemara Wikramanayake had strong thoughts on the role of private sector infrastructure finance in meeting the climate change challenge in a COVID-19 world.
Kerry underscored that a smartly executed green transition is both a huge market opportunity as well as a potential sea change for quality of life and security for people around the world. He noted his work with major U.S. financial institutions, which have agreed to allocate a certain amount of their investment and lending into climate sectors that will reduce emissions.
Wikramanayake said she feels an obligation as a financier to not only create investable projects that help a green transition, but to be an active sponsor as they come to fruition.
Minister Indrawati explained how the drop in power and transportation demand due to COVID-19 can facilitate the green transition. She also cogently explained how finance ministers look at trade-off and challenges in this moment—exhorting the private sector to do more to signal price differentiation between climate and non-climate-related investments.
And Malpass made it abundantly clear that climate change is a key priority for the World Bank Group to deliver on its goals to reduce poverty and boost shared prosperity.
While the conversation about the role of private sector finance is here, there’s much content covered in this World Bank Live event.
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