In a strategic move to bolster its climate adaptation infrastructure initiatives, the World Bank Group (WBG) is reaching out to the private sector. With a transparency threshold set at approximately £180,000 (US$250,000), the bank is keen on fostering a transformative alliance with private stakeholders.

The bank’s strategy is twofold:

1. Undertake a comprehensive review of prior private sector engagements, especially those revolving around climate adaptation infrastructure domains such as flood management and coastal resilience. The objective is to dissect and understand the underlying business cases, distinguishing successful ventures from less fruitful ones.

2. Identify a series of pilot projects, each presenting opportunities to develop and trial innovative business models, funding mechanisms, and tailored solutions for climate adaptation infrastructure.

These efforts are not merely theoretical. The insights gleaned are intended to serve as foundational pillars for country-specific technical interventions. The overarching goal is to test and subsequently scale novel public-private models, which could be instrumental in enhancing climate adaptation infrastructure.

In a nod to transparency, the World Bank Group has clarified its stance: any contractual commitment surpassing the £180,000 mark will be disclosed to the public. This disclosure will encompass essential details, including the name of the awarded company, a brief overview of the services, and the contract’s monetary value.

This initiative resonates with the themes of the forthcoming “Tomorrow’s Net Zero 2023” conference in Birmingham, a summit organised by Built Environment Networking. As global dialogues around sustainable futures intensify, the World Bank’s latest endeavour underscores the collective drive towards a net-zero future.