Making development finance work in an era of climate emergency
The Bridgetown Initiative, an ambitious set of proposals to overhaul how development finance works spearheaded by Barbados Prime Minister Mia Mottley, has been front and center of discussions about climate finance since its unveiling at last year’s United Nations Climate Conference, or COP 27.The initiative aims to address some of the inequalities that exist in the current financial architecture, such as the fact that high-income countries are able to borrow at much more favorable interest rates than lower-income countries, by calling for additional financial support to countries, help with debt restructurings, and more private capital for green projects in low- and middle-income countries.Pepukaye Bardouille, who herself comes from the climate-vulnerable Caribbean island nation of Dominica, is director of the Bridgetown Initiative unit of the Barbados government. She joined Raj Kumar on the Climate + podcast to discuss how to make development finance institutions fit for purpose and why the availability of cheaper, longer-term financing is critical for addressing climate change.“It's not just about reallocating the resources that are currently available. It's about growing the pie,” said Bardouille. “The reality is that the financing that has been committed to address the crises that we're facing globally is simply not enough.”The Climate + podcast is supported by the World Bank. To learn more about efforts to end poverty on a livable planet, visit: https://www.worldbank.org/en/programs/the-world-bank-at-cop28Join Devex on Dec. 7 on the sidelines of COP 28 in Dubai or online from anywhere for the Climate + summit. Register here.