Next month, when delegates from around the world meet in Baku, Azerbaijan at COP29, the biggest questions on the table will have to do with money. Can rich nations find a way to meet developing countries’ demand for up to $1 trillion each year in climate finance? Avinash Persaud, special adviser on climate change for the Inter-American Development Bank, has spent his career looking for ways to make global markets work to unlock climate financing. He says the biggest challenges arise from a simple reality: “The people who benefit and the people who pay are different.” Persaud tells Akshat Rathi why he believes climate change is an “uninsurable” event, and discusses the kinds of financial instruments and commitments that can help poorer countries contribute to the energy transition and adapt to a warmer world.

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Zero is a production of Bloomberg Green. Our producer is Mythili Rao. Special thanks this week to Kira Bindrim, Siobhan Wagner and Monique Mulima. Thoughts or suggestions? Email us at zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.

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