NEW YORK — Around the world, we are witnessing the devastating effects of changing temperatures. Droughts, floods and sweltering heat are taking lives, eroding hard-earned socioeconomic gains and leaving countries' future hanging in the balance. Worse, those who have contributed the least to the climate crisis are being hit the hardest.
Looking ahead, we must dramatically increase the availability of, and access to, tools that have proven effective in unlocking the necessary investment.For example, using public funds to derisk private investment — a method known as blended finance — is a tried and tested solution. Experience shows that every public dollar spent this way can mobilize around $5 of commercial capital for climate investments. Now, we must deploy such mechanisms on a much larger scale and quickly.