Are we at the beginning of a major reform of the global financial system, or is it a lot of hot air? The noise is certainly getting louder. At last week’s World Bank and IMF meetings in Marrakesh, Morrocco, I found myself listening to many earnest conversations about the need to “mobilise” private capital to deliver the huge volumes of investment to deal with climate change and achieve the world’s development goals.

The week before I was at the Global Steering Group (GSG) for Impact Investing in Malaga, Spain, where impact investors from across the world discussed how to get more capital to flow into investments that have a positive impact on the world. ..

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