Economists and policymakers in Washington are working to reorient Bretton Woods institutions to address climate change
Investing in clean energy can be difficult in these economies for a range of reasons, but more than anything there’s a finance challenge. In many places, renewable energy is cheaper over its lifetime than fossil fuels, but it requires more capital up front. Because emerging economies are much riskier places to invest, renewable energy projects cost a lot more to finance than they do elsewhere. And with interest rates high right now, the challenge is particularly tricky.
And, if the conversations here this week are any indication, the economists seem to be working on this problem in earnest. The World Bank is currently undergoing a year-long review of its processes with an eye towards finalizing reforms in the fall, and the IMF is working to incorporate climate change into their operations.
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