The CEO of the USD10bn Bezos Earth Fund, Andrew Steer, has emphasized the need for development banks and philanthropic organizations to adopt more innovative financing approaches to combat climate change and safeguard the environment, as reported by Reuters on September 7. Speaking at the Reuters IMPACT conference in London, Steer suggested that reforms within institutions like the World Bank and other multilateral lenders could play a more significant role in increasing financial support for emerging markets. He also called for charitable grant-giving groups to explore new ways of contributing to these efforts. Recent calls for changes in the international financial system have gained momentum, with discussions expected to revolve around the World Bank’s role in the G20 group of nations and the COP28 climate talks in November.

Under the leadership of CEO Ajay Banga, the World Bank has taken steps to expand its climate change and hunger programs and enhance its lending capacity through rule changes and new funding initiatives. However, Steer believes that there is room for further improvement, emphasizing the importance of taking calculated risks and adopting a different position in the capital structure. Additionally, Steer pointed out the need for more concessional lending to emerging markets, which was a prominent topic at the Africa Climate Summit in Nairobi. The Bezos Earth Fund, the world’s largest climate philanthropy group, is actively engaged in a wide range of initiatives, including food systems, decarbonizing energy, and monitoring deforestation. With the goal of disbursing all its capital before 2030, the fund has already awarded nearly USD2bn in grants.

Sources:

https://www.reuters.com/sustainability/sustainable-finance-reporting/reuters-impact-bezos-earth-funds-steer-calls-more-creative-climate-finance-2023-09-07/