The world’s multilateral development banks need to “up their ambition” in terms of the financing provided for climate-related projects, United Nations climate envoy Mark Carney said on Tuesday. Speaking in a podcast with Reuters, Carney said groups such as the World Bank and other development finance institutions should focus on backing investments that can be scaled up to $100 billion a year. “In climate finance, if something is not going to scale to 100 billion a year in the medium term, it is not interesting, it is niche; that is how big the numbers are,” Carney said. “So I think the MDBs need to be thinking in those terms, designing programmes that are scalable, that can reach those levels.”
Published in The Express Tribune, October 13th, 2021.
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