Experts Call on World Bank, IMF to Invest in Green Technologies

Experts Call on World Bank, IMF to Invest in Green Technologies

The Middle East Green Initiative summit stressed the need to establish green sustainability, as participating financial experts unanimously agreed to enhance cooperation between the public and private sectors and enhance the role of the World Bank and the International Monetary Fund (IMF).

CEO of BlackRock Larry Fink explained that the private sector faces the challenges of using sustainable financing to enable green transformation.

Fink stressed the need to enhance cooperation between the public and private sectors to establish net-zero carbon emissions.

He expects capital allocations to shift towards green climate strategies.

Fink sees climate change as massive potential for new opportunities, saying it is a business opportunity because it will require reinventing every segment of the industry.

"Getting to net-zero carbon emissions by 2050 is going to require a revolution in the production of everything we produce and a revolution in everything we consume. The process of creating fuel, food, and construction materials, with all the needs that we have as humanity, it all has to be reinvented," Fink said.

He explained that it will require a "large amount of investment, a large amount of ingenuity and a large amount of innovation."

Fink pointed out that green technologies cost a lot, saying that organizations like the IMF