Multilateral development banks have not kept pace with changes to the global financial environment. For middle-income countries like India, accessing knowledge and technology is now a bigger challenge than raising capital, which suggests that these institutions must rethink their operating model.
Malaysia's longstanding system of fossil fuel subsidies was built to stabilise prices, but these cannot hold up in prolonged crises of war, supply chain disruptions and volatile fuel markets.
Ending reliance on oil, coal, and gas, and embracing technologies that will only improve and become cheaper over time, is not just smart climate policy. It is the best way to improve economic competitiveness and human prosperity for decades to come.