If the big news of 2023 was all about achieving a global commitment to transition away from fossil fuels, then 2024 must be the year that the public and private sectors step up to put the world within reach of our climate goals. The United Nations climate conference, COP 28, led to more than $85 billion in commitments to climate financing, which will be a game changer if we focus on attracting and scaling up private sector investments in the developing world.
These funds should go a long way to enticing even more private sector investments that not only open opportunities for reasonable returns but strengthen local economies and increase food security and resilience — particularly in the global south.
We owe a debt to the global south. It's our fossil fuel pollution that has caused so many of their challenges. It’s time to pay that debt in a way that doesn't just toss a couple of solar panels up and call it a day. It’s time to provide significant resources that will build sustainable economic growth consistent with the kind of future these communities and countries decide on. If we do that, then we have a good chance of winning the battle against climate change.
About the authors
Gina McCarthy
Gina McCarthy is the former White House national climate adviser and managing co-chair of America Is All In. McCarthy is a senior adviser at Bloomberg Philanthropies and a senior fellow at The Fletcher School’s Climate Policy Lab at Tufts University. She is also an operating adviser at Pegasus Capital Advisors and a senior advisor at TPG Rise Climate Fund. She serves as co-chair of the India-U.S. Track II Dialogue on Energy and Climate Change and on the board of directors for the Energy Foundation and the Resources Legacy Foundation.
Craig Cogut
Craig Cogut is the founder, chairman and CEO of Pegasus Capital Advisors, a private equity fund and the first U.S. private equity fund manager to be accredited by the Green Climate Fund. In addition, Cogut has been an active philanthropist in the fields of improving education, building civil society, and championing environmental and health issues.
