( the world bank) Damilola Ogunbiyi, the Chief Executive Officer (CEO) of Sustainable Energy for All, has been selected as one of the distinguished members to join the Private Sector Investment Lab. This esteemed group consists of 15 CEOs and chairs representing prominent organizations, including AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety One, Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Tata Sons, Temasek, and Three Cairns Group, as captioned by Entrepreneurng.com
The Private Sector Investment Lab, as outlined in a statement by the World Bank, aims to build upon its ongoing efforts by addressing the existing barriers to private sector investment in emerging markets. The Lab’s core members, renowned for their individual and collective expertise, leadership, and success in the fields of business and finance, reflect a growing momentum and commitment towards fostering public-private collaboration to tackle global challenges and expedite the implementation of development solutions.
The primary objective of the Lab is to identify specific approaches that can be effectively implemented and scaled by the World Bank, thereby mobilizing capital more efficiently. The ultimate goal is to attract higher levels of private finance through innovative ideas for enhanced financing structures and aligning the World Bank’s strategies with the needs and pace of private finance. Furthermore, the Lab aims to address the allocation and balancing of risks among investors and cultivate new partnerships.
The World Bank emphasizes that the Lab’s focus will initially revolve around scaling transition finance in the realms of renewable energy and energy infrastructure. By channeling resources into these areas, the Lab intends to promote sustainable development and combat climate change effectively.
The Lab operates under the joint leadership of Mark Carney, the United Nations Special Envoy on Climate Action and Finance, and Shriti Vadera, the Chair of Prudential plc. Regular meetings will be held, during which the Lab members will report directly to the President of the World Bank Group, Ajay Banga, and other key figures within the organization.
Expressing her response to the announcement, Damilola Ogunbiyi emphasizes that developing countries worldwide are disproportionately affected by multiple ongoing global crises. She asserts that while viable solutions to scale up renewable energy-based initiatives for both development and climate progress already exist, the crucial factor lies in unlocking finance at a substantial scale within developing countries and underserved sectors. Ogunbiyi expresses her enthusiasm for the Lab, viewing it as an opportunity to collaborate and design innovative solutions that will expedite a comprehensive and inclusive global energy transition.
Conclusion ( the world bank)
Damilola Ogunbiyi’s inclusion in the Private Sector Investment Lab, alongside other esteemed CEOs and chairs, signifies a significant step towards addressing the challenges obstructing private sector investment in emerging markets. With the Lab’s focus on scaling transition finance and the commitment of its members, the World Bank aims to mobilize capital effectively, foster public-private collaboration, and accelerate the implementation of sustainable development solutions worldwide.
Source: guidian Nigeria
