A new financial institution that aims to reduce climate change by financing businesses and industries on renewable energy is gaining ground in a rapidly changing world.
The Bank for Sustainable Development (BSD), which was established in 1997, aims to build the next generation of sustainable finance that helps businesses and investors to grow their economies.
Its chief executive, Lita M. Mihailovic, told the Financial Post that the bank’s focus on reducing climate change is an important part of its mission.
“Our vision is to help create new business models that can be used to address climate change and build sustainable economic systems that help to create jobs,” she said.
The bank is currently in discussions with several private banks around the world, and it hopes to have a formal proposal for funding by the end of 2019.
The idea is to have an official global bank in place by 2020, Mihayovic said.
In the meantime, the bank is seeking a list of countries with the right combination of financial institutions and climate-friendly infrastructure to make a commitment to reducing climate pollution.
“The challenge is that it’s so difficult to find a perfect mix of financial and climate infrastructure,” Mihália said.
“There’s a lot of work to do to find the right balance.”
The bank has already launched an online portal that helps investors and businesses find financial institutions that are ready to take a step in reducing climate emissions.
The portal is currently working in a few countries, including India, the United States and China, with the intention of expanding it globally.
The initiative has also expanded beyond just climate-conscious businesses to help investors and investors with climate-sensitive projects.
In addition to the BSD, other international financial institutions have committed to taking action on climate change, including the Asian Development Bank, the Bank of Korea and the Asian Infrastructure Investment Bank.
While the Bsd has a clear commitment to reduce emissions, it’s also actively pursuing partnerships to do the same, according to Mihaić.
The Bsd aims to become the world’s largest climate-neutral financial institution by 2020.
The bank is also looking at how it can work with private and public sectors to achieve the same goal.
The banks’ mission will likely be a focus in the new Global Investment Bank (GIB), which is due to be established by the World Bank Group at its next meeting in July in New York.
The GIB is set to make major investments in climate-related clean technologies and clean technologies in a bid to boost the global economy.
The World Bank has set up a special climate-aware investment fund that will be managed by a consortium of banks.
In its 2017 annual report, the organization said it expects to invest over $50 billion in clean technologies.
The new Bsd will be part of the GIB’s global investment arm, which aims to bring together large institutions from around the globe.
The bank said it is aiming to have at least one bank in each country that has a proven track record in climate change mitigation and to have as many as six.