UN envoy Carney says 'money is here' for net zero aligned projects

FILE PHOTO: Bank of England (BOE) Governor Mark Carney attends a news conference in London, Britain March 11, 2020. Peter Summers/Pool via REUTERS/File Photo

GLASGOW (Reuters) – UN climate envoy Mark Carney called on Wednesday for more blended finance facilities to mobilise private finance to help the developing world access climate finance, saying the money was there.

“We need blended finance facilities that don’t mobilise fractions of private capital for the public dollar but multiples … in double digits. There are facilities that are being developed that can do this, we need to scale them dramatically,” he told the United Nations COP26 climate summit.

“The money is here but that money needs net zero aligned projects and there’s a way to turn this into a very, very powerful virtuous circle and that’s the challenge.

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