In a discussion at the Bloomberg New Economy Forum on Thursday, top executives from Macquarie Group (OTC:) and Brookfield Asset Management (TSX:) highlighted the challenges facing developing nations in their transition to green energy. Shemara Wikramanayake, CEO of Macquarie Group, and Mark Carney of Brookfield Asset Management pointed to “newer, low-cost coal” as a significant hurdle.
The executives emphasized the need for affordable clean energy and increased green capital flows. Carney proposed a substantial increase in cross-border capital by the end of the decade to facilitate this transition.
The pair also touched on the intricacies surrounding Just Energy Transition Partnerships (JETPs). These mechanisms are designed to redirect funds from wealthy nations to developing ones to support their switch to clean energy.
They acknowledged the upcoming 2023 United Nations Climate Change Conference in Dubai as a crucial moment for establishing a new financial framework that would aid this transition. The conference will provide an opportunity for global leaders to strategize and collaborate on effective solutions for these identified obstacles.
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