Debt
Two-thirds of developing countries now spend more on debt service than on health or climate. The launch of the BorrowersClub — with the UN Secretary-General, Deputy Secretary-General, government leaders and ministers of finance — is both significant and overdue. The outcomes of FfD4 in Seville helped lay the groundwork. The priority now is implementation.
Africa
Africa holds 30% of the world’s critical mineral reserves, yet captures only 10% of related revenues. It extracts 69% of global cobalt but refines less than 5% locally. It represents 11% of the world’s population, with a median age of 19, yet accounts for only 1% of global capital markets. African risk continues to be overpriced. This is not charity — it is one of the world’s most compelling investment opportunities.
Adaptation
Investing in resilience remains far below need, especially across Africa. Mitigation finance accelerated when standards and frameworks became clearer. Adaptation finance requires the same discipline and urgency. Glad to advance this conversation with COP30 and COP31 Leaders and Champions, to help turn commitments made in Belém into impactful investments.
Blended Finance
The pipeline of investable opportunities across emerging markets is real. What remains insufficient is transparency around catalytic capital and better-designed concessionality. Pleased to join BII and BCG for the soft launch of Scaling Blended Finance: Getting Concessionality Right with African Development Bank, International Finance Corporation, and GFANZ. Full publication to follow during London Climate Action Week in June.
The task ahead is clear: connect debt relief, investment, and climate finance into one coherent agenda for fairness, growth, and resilience.
