As the leaders of the World Bank and the International Monetary Fund meet this week, they have a chance to reimagine how the world can use finance to reduce the risks from climate change. Achieving the net-zero transition will require unprecedented levels of investment in technology and infrastructure. Investments in low-carbon projects in poor countries will need to total more than $1 trillion a year — more than six times the current rate of investment of $150 billion. Based on research by BlackRock stimulating $1 trillion per year of public and private investment to reduce emissions will require closer to $100 billion in grants or subsidies from countries that can afford it.
By Larry Fink, Chairman and Chief Executive of BlackRock. New York Times. October 13, 2021.
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