Countries may form 'coalitions of the willing' to solve climate issues, Ismail Serageldin says

Countries across the world may consider forming "coalitions of the willing" to solve climate problems, including those related to shared water resources, Co-chair of the Nizami Ganjavi International Center and former Vice President of the World Bank Ismail Serageldin proposed at Baku Climate Action Week 2026 (BCAW 2026), Report informs.

"There is no shortage of capital in the world to finance climate action, but it is necessary to create bankable investment projects and change institutional mechanisms," he noted.

According to him, in 2026, the volume of assets under private sector management exceeded $500 trillion for the first time.

"We talk all the time about the need for $3 trillion a year [to address climate issues - ed.]. But, as I said, there is no shortage of capital in the world," he said.

Serageldin noted that raising the required amount of funds becomes more realistic if focusing on private capital rather than relying solely on official assistance from developed countries.

"Investment decisions must be based on a bankable product. Projects must be defined, prepared, and appraised," he emphasized.

According to him, international financial institutions, multilateral development banks, and UN agencies can play an important role in this process by helping countries develop and prepare projects in climate resilience, agriculture, healthcare, and other areas.

Serageldin also emphasized the importance of new technologies and artificial intelligence for climate action. In his view, technology can contribute to increasing agricultural resilience, ensuring food security, and managing water resources more effectively.