The World Bank is working with a club of 15 finance bosses to lower the risk of investing in climate projects in emerging economies and attract private capital for cutting emissions.
Ajay Banga, the World Bank's president, said the Private Sector Investment Lab is focused on 'figuring out a model of originate-to-distribute' that would allow for deep-pocketed investors to put up large sums for climate deals.
The creation of a 'securitizable asset class in these kinds of investments, where large pension funds, large players like BlackRock will find a very attractive place to put billions to work,' is a key target, he said at the Bloomberg Business Forum at COP28.
PSIL, which launched in June under the auspices of the World Bank, also includes BlackRock Inc.'s chief Larry Fink, AXA SA Chief Executive Officer Thomas Buberl and Noel Quinn, head of HSBC Plc.
This story is from the December 04, 2023 edition of Mint Mumbai.
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This story is from the December 04, 2023 edition of Mint Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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