Climate finance is in a “ditch” and incentives are needed to attract more private capital, the head of the International Monetary Fund (IMF) has said.

Speaking at the World Economic Forum in Davos, IMF MD Kristalina Georgieva expressed dismay that, despite there being monies available, that private capital is not reaching the required areas of climate finance.

Citing the need to raise carbon pricing and suggesting it should increase by more than ten-fold, Georgieva also urged governments to provide incentives for private finance to entice them into new markets.

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