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BlackRock’s Fink urges World Bank, IMF overhaul for green era

Larry Fink calls for a "rethink" of IMF's and World Bank's role as financiers of a sustainable development, saying they should act as insurers to reduce risk for private investors instead.

Larry Fink, BlackRock CEO | Photo: Mark Lennihan/AP/Ritzau Scanpix

BlackRock Inc. Chief Executive Officer Larry Fink told global leaders the World Bank and International Monetary Fund are outdated and require a total overhaul if they’re to marshal the trillions of dollars in investment needed to bring sustainability to the developing world.

Specifically, he called for a "rethink" of their role as financiers -- instead of lending money themselves to promote development and economic stability, the World Bank and IMF would be more useful in the transition to clean energy as insurers that reduce risk for private investors. Fink commented in prepared remarks to the Venice International Conference on Climate, part of the weekend meetings of the Group of 20 in Italy.

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