The World Bank has established a Private Sector Investment Lab, which the intergovernmental institution says will help identify new ways to mobilize capital, especially for climate finance and infrastructure investment.
In a statement the World Bank said the new lab is comprised of 15 chief executive officers and chairs from the private sector, and is co-chaired by former Bank of England Governor Mark Carney and Prudenial PLC Chair Shriti Vadera. The lab will report directly to World Bank Group President Aja Banga and other World Bank leaders.
The new panel will start by undertaking work to identify new opportunities for scaling transition finance in renewable energy and energy infrastructure.
Through its projects the Private Sector Investment Lab will be focused on improving alignment the World Bank’s alignment with the needs and speed of private finance, and will work to identify new partnerships.
Founding members of the new lab include: Axa CEO Thomas Buberl, BlackRock CEO Larry Fink, HSBC CEO Noel Qinn, Macquerie CEO Shemara Wikramanayake and Ping An Group Co-CEO Jessica Tan.
Commenting on the new panel, UN Special Envoy on Climate Action and Finance and Co-Chair of GFANZ Mark Carney said: “Through the Private Sector Investment Lab, the World Bank and private finance will partner closely to develop, test, implement and ultimately scale financing structures and approaches that can most effectively mobilize private capital. I look forward to working with Ajay, Shriti, and the Lab’s members to deliver on this critical mission with urgency.”