LONDON, Nov 10 — Aviva Investors today called on the IMF, World Bank and global financial rulemakers to create a global transition plan for finance to support the faster mobilisation of private capital to address climate challenges.
“The global economy and financial system are currently financing their own destruction because the global financial architecture is not fit for purpose,” Aviva Investors CEO Mark Versey said. Aviva Investors’ demands reflect the concerns of critics who say institutions like the IMF and World Bank are not acting fast enough to tackle the climate emergency, both in the pace of their deployment of capital to emerging countries and in the decarbonisation of their own portfolios.
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