Banga is tasked with helping find funds for emissions reduction and climate change adaptation.
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00:00You cannot deal with poverty or the alleviation of poverty and inequality without recognizing
00:15that food insecurity and climate and fragility, conflict and violence and the things that
00:21that creates are intertwined challenges.
00:43People find their way through the most difficult circumstances.
00:47I grew up in a country which was very challenged when I was a young man in the 60s and you
00:51look at India today and look where it's grown and look how it's doing and it tells you that
00:56people can make a difference when they put their minds to it.
00:59That's my faith.
01:05I think in the private sector you have a lot of things that are similar to what the bank
01:09has to do.
01:10You've got challenges that look insurmountable no matter which place you come from.
01:14You've got certain tools to work with.
01:16The most important tool is your people and finding a way to motivate them through simplicity
01:21of communication, tracking measures of success, celebrating success, encouraging people to
01:27take risks.
01:28This is common between the private sector and the kind of place I am in today.
01:32Some other tools may be different but the quality of people aspect is very common.
01:40So I think that there's not enough money in the MDB or philanthropic or government public
01:45world to be able to take on the challenges of climate let alone the wider SDGs.
01:50Estimates are from trillions of dollars a year.
01:53That's just a lot of money for everything that's going on today.
01:56The only real way to get it is to get the private sector involved through a consistent
02:00investing of money but even more importantly their technology, their innovation and their
02:05people.
02:06So what we've tried to do is to create a private sector lab run by Mark Kani and Shruti Vadera
02:10staffed by 15 of the world's CEOs who are both asset managers and operators and investors
02:15and banks and bring them in and talk about the things that we can do at the bank to help
02:20them bring their money to bear on renewable energy in the middle income markets.
02:26And getting them involved gives us their best ideas and creates credibility for the solutions
02:31we are trying to work but also their involvement helps us to change because we see things from
02:37their eyes.
02:38So it's kind of a win-win for both of us.
02:45You can't just speak about climate in terms of mitigation or in terms of renewable energy
02:50to bend the arc of the emission heavy growth that we've all had.
02:54You have to also think about it from the eyes of people who feel they didn't put that to
02:59happen but they are having to deal with the consequences of it, what we call adaptation.
03:04And being able to think about both at the same time and think about a natural way of
03:09dealing with the causes and the effects is really important.
03:17The real task ahead is to pivot the bank to not just thinking about the input of education
03:23and skilling, of better healthcare, of better infrastructure or of better work on climate
03:28but also to think about the output of all that which is if you get the right public
03:33sector governance and the right opportunities on regulatory policy which we can do in working
03:38with governments then can we create the right environment for private enterprises, small
03:43and large, private farmers, small and large to succeed because we know that's where the
03:49jobs will come from.
03:51So I'm trying to pivot us to the output of jobs because 1.2 billion young people in the
03:56developing world will become eligible for jobs in the coming 15 years.
04:01Currently, those same countries are on a pathway to generate 400 plus million jobs.
04:06That's a big gap.
04:08Focus on our destiny.
04:09We can change it but we have to do something about it.
04:12That's the focus.