Trillions of dollars are needed to shift the world to a low-carbon future, but where will all that money come from? While momentum is growing in rich countries, developing countries are still struggling for finance. Without significant increases in the amount of money spent, the world is unlikely to meet its climate goals, and yet international negotiations are at a deadlock.
Avinash Persaud has a plan: the Bridgetown Agenda. He’s the special envoy on investment and financial services for Barbados and is working with his country’s prime minister, Mia Mottley, to transform the global financial system. Together they are putting pressure on the World Bank and International Monetary Fund to turbocharge the roll-out of clean technologies in developing countries.
This week on Zero, Akshat Rathi sits down with Avinash to discuss his plan, and why he thinks now is the time these aging financial institutions can finally be reformed.
**Read more: **
A deep dive) on the Bridgetown Agenda
Mia Mottley’s full speech) at COP27
Making polluters pay) for loss and damage
Cheaper currency risk hedging) could unlock trillions
Read a transcript of this episode)
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