The “2024 ESG Global Leaders Conference” was held in Shanghai from October 16 to 18. International Monetary Fund Managing Director Georgieva gave a speech. Georgieva said that emerging markets and developing economies need about $2 to 3 trillion a year to carry out climate action, of which up to 90% of the necessary funding needs to be provided by the private sector. Therefore, in order to mobilize private sector capital on a large scale, countries must accelerate necessary macroeconomic reforms to attract domestic and foreign investment, such as eliminating red tape, deepening and improving the functioning of domestic capital markets, and implementing predictable climate policies to guide investors. She also recommended phasing out fossil fuel subsidies, freeing up fiscal space for public investment in climate-related infrastructure and R&D activities, or reducing risk for private investors.

The “2024 ESG Global Leaders Conference” was held in Shanghai from October 16 to 18. International Monetary Fund Managing Director Georgieva gave a speech. Georgieva said that emerging markets and developing economies need about $2 to 3 trillion a year to carry out climate action, of which up to 90% of the necessary funding needs to be provided by the private sector. Therefore, in order to mobilize private sector capital on a large scale, countries must accelerate necessary macroeconomic reforms to attract domestic and foreign investment, such as eliminating red tape, deepening and improving the functioning of domestic capital markets, and implementing predictable climate policies to guide investors. She also recommended phasing out fossil fuel subsidies, freeing up fiscal space for public investment in climate-related infrastructure and R&D activities, or reducing risk for private investors.