CLIMATE . CHANGE – Episode 3 – With Alzbeta Klein, Director Climate Business, IFC/World Bank

CLIMATE . CHANGE – Episode 3 – With Alzbeta Klein, Director Climate Business, IFC/World Bank

My name is Alzbeta Klein. I work for the International Finance Corporation, which is part of the World Bank Group. I am responsible for climate business. Climate is one of
the biggest risk that we are facing as the world today. But climate today is one of the best
investment opportunities around. We are seeing investment opportunities in renewables, in energy storage, off-grid solar and many other industries. Not industries of today, not industries of yesterday but industries of tomorrow. And that investment opportunity, nothing else, is 23 trillion dollars. The barrier today for us is a lack of risk capital. We are still stuck in many preconceived notions about what our energy supplies should be what our cars should look like, what our mobility should be, how should we get to work, how should we get to where we travel… I think the new industries of today are helping us change that preconceived notion. Let me give you an example. I’m going to bring you back to Africa. Zambia didn’t have renewables in place. We looked at it and we thought are there any companies we could
finance to do it? There were none. So we teamed up with colleagues from the World Bank and we designed a solution. We designed an auction for the Zambian
government to run for renewables and help create solar companies. All in all, we designed a solution
so that we can bring renewables to Africa. And I’m proud to tell you that
last year we actually invested 34% of everything we do in climate business. And that’s the fundamental thing
about energy transition. It is not going to happen by itself. We need to help it. We need to bring those solutions. This is the business opportunity in front of us today. But what we need to do more of is to say that it’s in our power to develop those solutions. Nobody else will solve it for us. We need to solve it. This is our common problem.

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