World Bank, I.M.F. and Bahamian Leaders Talk About Climate Finance

After high-income countries acknowledged their failure to provide $100 billion in climate finance each year to low-income countries, they made new financial commitments at COP26. Donor countries pledged a total of $350 million to the Adaptation Fund and $600 million to the Least Developed Countries Fund. While some praise these announcements, others are concerned that more investment is needed to protect the vulnerable from the effects of climate change and to build their resilience. As economies around the world grapple with food shortages and sky-high inflation, how can governments be incentivized to invest big money in climate and sustainable development, while catalyzing bigger private-sector investment? Which existing solutions - across technology, agriculture, health care and other industries - need financing now to have a systemic impact?