The Colonization of Development: Critiques of Multilateral Banks

Developing countries require trillions of dollars a year to transition to clean energy and build climate-resilient infrastructure. So where will the money come from? Avinash Persaud, special advisor on climate risks to the president of the Inter-American Development Bank, joins Zero to make the case for giving more money to Multilateral Development Banks (MDBs), which already funnel hundreds of billions of dollars a year to poorer countries around the globe, much of which goes to climate projects. His pitch is now harder than ever to make as the US slashes international climate finance and European countries reduce their overseas aid budgets to support defense spending. 

Past episodes of Moving Money:

• How the financial system can work for climate, not against it
• The fight over finance brewing at COP29

Explore further:

• COP29: Exxon CEO Darren Woods Interview Transcript From UN Climate Summit
• Unlocking Climate Trillions With a Global Plan From a Sinking Island - Bloomberg 
• Debt-for-Nature Swaps Gain Traction Among Developing Countries - Bloomberg

Zero is a production of Bloomberg Green. Our producer is Oscar Boyd. Special thanks to: Mythili Rao, Sommer Saadi, Mohsis Andam, Blake Maples and Siobhan Wagner. 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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