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Written by: George Prior
As global leaders gather at Davos for the World Economic Forum (WEF) 2024, those in attendance must push for the mobilization of trillions of dollars from private money into sustainable investments to combat climate change, affirms the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.
The call-to-arms rally from Nigel Green of deVere comes as more than 100 countries, major international organisations, civil society leaders, experts, activists, social entrepreneurs, and the media descend on the Swiss ski resort for the 54th WEF.
China’s second-in-command Li Qiang, French President Emmanuel Macron, UK Finance Minister Jeremy Hunt, US Secretary of State Antony Blinken, US national security advisor Jake Sullivan, Argentinian President Javier Milei, Sam Altman, the CEO of ChatGPT-maker OpenAI, IMF Director Kristalina Georgieva, World Bank President Ajay S. Banga, and World Trade Organization Director-General Ngozi Okonjo-Iweala are among the attendees.
The deVere CEO says: “The threat of climate change looms large, impacting ecosystems, economies, and communities worldwide.
“To confront this multifaceted crisis effectively, substantial resources are required. While public funds play a crucial role, their limitations necessitate the mobilization of private finance on an unprecedented scale.
“The trillions of dollars required to transition to a sustainable future can only be sourced from the vast financial sector, making it imperative for Davos 2024 leaders to rally for the urgent unlocking and mobilisation of private finance.
“The ambition to limit global warming and mitigate human-created climate change effects demands a scaling up of climate action.
“Leaders at Davos have a unique opportunity to advocate for trillions of dollars to be driven into sustainable investments, which will help drive innovation, and accelerate the transition to a low-carbon economy.”
By encouraging private finance to be directed into sustainable investments, leaders can align financial interests with climate goals. Investments in renewable energy, clean technology, and climate-resilient infrastructure not only contribute to a sustainable future but also present viable opportunities for financial returns.
“Leaders should be highlighting the compatibility of financial prosperity with environmental stewardship, creating a win-win scenario for investors and the planet,” notes Nigel Green.
It’s not just finance from individuals, of course. Corporations play a pivotal role in driving climate action, and leaders at Davos can advocate for enhanced Corporate Social Responsibility (CSR) practices.
“By moving their funds into sustainable investments, companies will also be able to demonstrate their commitment to environmental stewardship. This not only enhances their reputation but also encourages a culture of responsible business that aligns with the expectations of increasingly environmentally conscious consumers and investors.”
He continues: “Unlocking money for sustainable investments goes beyond addressing climate change; it is about building climate-resilient economies.
“Leaders in Davos this week must underscore the economic benefits of investing in clean energy, sustainable agriculture, and resilient infrastructure. Such investments not only contribute to climate mitigation but also create jobs, stimulate innovation, and fortify economies against the impacts of a changing climate.”
Nigel Green concludes: “Those in Davos must seize this opportunity to drive impactful, united resolutions on one of the defining issues of our time. And these resolutions can only be delivered with private money.”
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