Larry Summers' trillion-dollar climate spending plan
12 Oct 2022
Larry Summers — who spent the last year-and-a-half warning about easy money and inflation — is calling on the World Bank to loosen its lending limits to combat climate change and think in the "trillions not the billions."
The big picture: Summers wants the U.S. to increase its capital contribution to the bank by $5 billion. With a total of $30 billion in new capital from across the globe, along with a revamped financial model, Summers argues that the bank could lend some $100 billion per year, with much of it directed towards energy projects.
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