On Breakingviews: Governments and central bankers face inflation and stagnating growth. The climate crisis could dwarf these hardships. G20 Country Platforms can help to unlock private capital to meet the challenge, writes U.N. Climate Envoy MarkJCarney
These are the tough challenges facing finance ministers and central bank governors from the G20 group of nations as they gather this week in Bali.
Delivering orderly transitions of energy systems away from coal and to renewable sources in ways that protect the most vulnerable will. That’s equivalent to an additional $1 trillion per year by the end of the decade across emerging markets and developing countries. The private sector can provide most of this financing, multiplying the impact of public funds, provided the G20 has the courage to act.
Unlocking private capital at scale and speed requires unprecedented collaboration between the private and public sectors. The G20’s Country Platforms – government-led collaborative bodies – could provide the right framework. They can concentrate and leverage public and donor finance to “crowd in” private investment in support of developing economies’ transition to new energy systems that deliver affordable power, good jobs and low carbon emissions.
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