A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo
Private sector capital was critical since funds from governments, philanthrophy, the World Bank and other multilateral development banks would never suffice to help poor countries adapt to and mitigate climate change, said Banga, a former Mastercard CEO who"The only way forward is to find a way to get the private sector to believe that this is part of their future," said Banga,as part of a tour to visit countries in every region where the bank operates.
"That's kind of a thing that we can do with informed risk-taking," Banga said, noting that renewable energy was now cheaper in many cases than fossil fuels due to improvements in storage and duration.