The Bridgestown Initiative and the Future of the Global Financial System

Trillions of dollars are needed to shift the world to a low-carbon future, but where will all that money come from? While momentum is growing in rich countries, developing countries are still struggling for finance. Without significant increases in the amount of money spent, the world is unlikely to meet its climate goals, and yet international negotiations are at a deadlock. 

Avinash Persaud has a plan: the Bridgetown Agenda. He’s the special envoy on investment and financial services for Barbados and is working with his country’s prime minister, Mia Mottley, to transform the global financial system. Together they are putting pressure on the World Bank and International Monetary Fund to turbocharge the roll-out of clean technologies in developing countries. Next week, he’ll be presenting the latest version of the agenda to world leaders in Paris, at a summit hosted by French President Emmanuel Macron.

This week on Zero, Akshat Rathi sits down with Avinash to discuss his plan, and why he thinks now is the time these aging financial institutions can finally be reformed.

Read more: 

• A deep dive on the Bridgetown Agenda
• Mia Mottley’s full speech at COP27
• Making polluters pay for loss and damage
• Cheaper currency risk hedging could unlock trillions
• Read a transcript of this episode

Zero is a production of Bloomberg Green. Our producer is Oscar Boyd and our senior producer is Christine Driscoll. Special thanks to Kate Mackenzie and Kira Bindrim. Email us at zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.

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