Insight - BlackRock CEO urges World Bank and IMF overhaul for green era

Specifically, Larry Fink called for a “rethink” of their role as financiers – instead of lending money themselves to promote development and economic stability, the World Bank and IMF would be more useful in the transition to clean energy as insurers that reduce risk for private investors.

BLACKROCK Inc chief executive officer Larry Fink told global leaders the World Bank and International Monetary Fund (IMF) are outdated and require a total overhaul if they’re to marshal the trillions of US dollars in investment needed to bring sustainability to the developing world.

Specifically, he called for a “rethink” of their role as financiers – instead of lending money themselves to promote development and economic stability, the World Bank and IMF would be more useful in the transition to clean energy as insurers that reduce risk for private investors.