WASHINGTON: The World Bank must use"informed risk-taking" to encourage private investors to get more engaged in helping developing countries deal with climate change and leapfrog fossil-fuel energy sources, its new president Ajay Banga said on Sunday .
"The only way forward is to find a way to get the private sector to believe that this is part of their future," said Banga, who will visit Peru and Jamaica this week as part of a tour to visit countries in every region where the bank operates. "That's kind of a thing that we can do with informed risk-taking," Banga said, noting that renewable energy was now cheaper in many cases than fossil fuels due to improvements in storage and duration.
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