The World Bank is set to wield huge influence over how the energy transition is financed, potentially dwarfing the promised efforts of Wall Street giants like JPMorgan or BlackRock to help eliminate emissions. In fact, without the World Bank and other so-called multilateral development banks (MDBs), the dollars sitting on the balance sheets of financial firms may never be reallocated to climate-positive investments at the magnitude required to slow catastrophic global warming. Just as Bretton Woods created the institution to help rebuild a war-ravaged Europe, there’s a theory that MDBs can become the foundation of a new Marshall Plan for the planet. While asset managers, banks and insurers with more than $140 trillion of assets have promised to zero out their financed emissions by 2050, just a fraction of that money has been used to address the climate crisis. Getting the funding to where it's needed most — developing economies — requires overcoming several investment hurdles, including credit-rating constraints, foreign-exchange risks and the possibility of an emerging-markets debt crisis. And that’s where the MDBs come in. Read more at the link in our bio or visit: bloomberg.com/green 📷: Samuel Corum/Bloomberg