World Bank names Nigerian CEO, Damilola Ogunbiyi to lead climate finance initiative

The World Bank has announced the inclusion of Nigerian CEO, Damilola Ogunbiyi among the 15 chief executive officers, financiers, and asset managers in its Private Sector Investment Lab.

Ogunbiyi, who serves as the CEO and special representative of the UN Secretary-General for Sustainable Energy for All and is a Co-Chair of UN-Energy, joins other prominent leaders from companies such as AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety One, Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata Sons, Temasek, and Three Cairns Group.

The Private Sector Investment Lab, initiated by World Bank President Ajay Banga last month, aims to mobilize additional private capital to address climate change challenges and promote investment in developing countries.

The lab’s initial focus will be on scaling transition finance in renewable energy and energy infrastructure, according to a statement from the bank.

Recognizing the urgency of combatting climate change and promoting sustainable development, the lab seeks to develop financing structures and approaches that attract private capital to support the transition to renewable energy in emerging markets.

The lab’s collaboration with the private finance sector and exploration of innovative financing models will enable the identification of scalable and replicable solutions, aligning the World Bank’s efforts with private sector requirements and effectively allocating risks among investors.

Co-chaired by Mark Carney, UN Special Envoy on Climate Action and Finance, and Shriti Vadera, Chair of Prudential plc, the Lab will provide regular progress updates and report directly to Mr. Banga and the World Bank Group leadership.

The initiative aims to unlock significant investment and contribute to poverty eradication and sustainable development, in line with the World Bank’s vision.

Expressing appreciation to the business leaders joining the lab, President Banga emphasized the importance of public-private collaboration and its potential to improve the lives of people in the Global South.

Damilola Ogunbiyi, the only African on the list, believes that unlocking finance at scale is crucial to accelerate renewable energy-based solutions, particularly in developing countries disproportionately affected by global crises.

Shriti Vadera, Chair of Prudential plc, highlighted the lab’s commitment to delivering tangible impact on the ground.

Emphasizing the importance of scalable and speedy solutions, she stressed that every action and every penny count in driving progress toward climate goals, poverty reduction, and inclusive growth.

Mark Carney, UN Special Envoy on Climate Action and Finance, underlined the urgency of mobilizing private capital to effectively address global challenges, with a particular focus on innovative solutions to catalyze investment at scale in developing countries.

The founding core members of the Lab include Thomas Buberl, CEO of AXA; Larry Fink, CEO of BlackRock; Noel Quinn, Group CEO at HSBC; Shemara Wikramanayake, CEO of Macquarie; Hironori Kamezawa, CEO of Mitsubishi UFJ Financial Group; Hendrik du Toit, CEO Ninety One; Jessica Tan, co-CEO of Ping An Group; Feike Sijbesma, co-chair at Royal Philips; Sim Tshabalala, CEO of Standard Bank; Bill Winters, group executive Standard Chartered; N. Chandrasekaran, chairman of Tata Sons; Dilhan Pillay Sandrasegara, CEO Temasek; and Mark Gallogly, co-founder of Three Cairns Group.