ICMA and Swiss Re breakfast seminar (IMF Annual Meetings side event)
ICMA and Swiss Re held a breakfast meeting, by invitation only, on 13 October to coincide with the IMF Annual Meetings in Washington DC. The event was hosted by ICMA Chief Executive Bryan Pascoe and Swiss Re Group Chief Economist Jérôme Haegeli.
In its report Mobilizing Private Climate Financing in Emerging Market and Developing Economies, the IMF stressed the importance of mobilising domestic and foreign private sector capital in climate finance, as a complement to climate-related policies. It also emphasised the need to mitigate relevant risks and constraints through public-private partnerships involving multilateral, regional, and national development banks.
However, today's economic environment, including rising inflation and recession risks, and a growing energy crisis, are likely to hinder short and medium-term efforts to green the global economy. As government debt continues to rise and become more expensive, the private sector, including the reinsurance industry, could become an increasingly important partner in ramping up investments, especially in decarbonisation and green infrastructure.
ICMA and Swiss Re were pleased to present this roundtable discussion focused on closing investment gaps and the opportunities this represents for the financial services industry, including reinsurers.