These 'beautiful' banks are expected to save climate finance: Moving Money

Zero: The Climate Race

Bloomberg

Technology, Business, Science

4.7 • 219 Ratings

🗓️ 17 April 2025

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Developing countries require trillions of dollars a year to transition to clean energy and build climate-resilient infrastructure. So where will the money come from? Avinash Persaud, special advisor on climate risks to the president of the Inter-American Development Bank, joins Zero to make the case for giving more money to Multilateral Development Banks (MDBs), which already funnel hundreds of billions of dollars a year to poorer countries around the globe, much of which goes to climate projects. His pitch is now harder than ever to make as the US slashes international climate finance and European countries reduce their overseas aid budgets to support defense spending.

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Zero is a production of Bloomberg Green. Our producer is Oscar Boyd. Special thanks to: Mythili Rao, Sommer Saadi, Mohsis Andam, Blake Maples and Siobhan Wagner. Thoughts or suggestions? Email us at [email protected]. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.

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Transcript

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0:00.0	I'm Shinali Bassick, and I hope you'll join me alongside my co-host, David Inglis,
0:04.7	and many of Asia's most important institutional investors and money managers at Bloomberg Invest Hong Kong,
0:10.8	June 10th, and 11.
0:12.1	We'll discuss China's growing economic influence, AI's use cases for financial services,
0:17.3	recent shocks to the geopolitical status quo, and more with financial newsmakers and deal makers.
0:23.2	Title sponsor, InvestcoQ.
0:26.0	Register now at Bloomberglive.com slash investHK.
0:29.8	Welcome to Zero. I am Akshadrati.
0:32.8	This week, the mysterious beauty of development banks.
0:46.3	Thank you. The mysterious beauty of development banks. It has been a wild couple of months in the world of development finance.
0:51.3	Since January, one by one, we've seen countries pull back from their aid commitments.
0:56.6	The U.S., the UK, the Netherlands, France, the list keeps growing.
1:02.5	This comes just a few months after rich countries agreed to ramp up climate spending at COP29.
1:08.8	The headline target was $300 billion a year by 2035, tripling the previous commitment of $100 billion,
1:17.0	which is supposed to be reached by 2020.
1:20.0	Now, these new commitments are in serious doubt.
1:24.2	What isn't under question is the need for that money.
1:28.0	Developing countries still require trillions of dollars a year to transition to clean energy
1:32.3	and build climate resilient infrastructure.
1:35.5	So where will the money come from?
1:37.7	That's the question we'll explore in this episode of Moving Money.
1:41.2	We're welcoming back Abinash Persaud, special advisor on climate risks to the
	...

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