COMMENT | Climate crisis must drive change in development banks

COMMENT | We live in a world assailed by crises - with war, disease and economic hardship taking a terrible toll on human welfare in recent years.

Most alarming of all is the worsening impact of climate change, which threatens the very existence of countless species, including our own.

Time is running out to fix the problem. The Intergovernmental Panel on Climate Change recently warned that the planet’s temperature will likely rise 1.5° Celsius above pre-industrial levels within the next decade, and will shoot past that critical threshold without immediate and massive emissions reductions.

We could be entering a doom loop, in which, the consequences of climate change distract attention and divert resources from tackling its causes, further impeding progress as the effects worsen.

Billions of dollars are being invested to avoid this fate, but trillions are needed. Where will it come from?...