At COP26, US Special Envoy for Climate John Kerry sanguinely declared the need to “derisk the investment, and create the capacity to have bankable deals. That’s doable for water, it’s doable for electricity, it’s doable for transportation.” Derisking is financial speak for the public sector—be it through official development aid, multilateral resources or national fiscal resources—accepting to take some risks from private financiers in order to persuade them to invest, public efforts variously described as “mobilizing private finance”or “blended finance.” In response, the UN Special Envoy for Climate and head of the Glasgow Financial Alliance for Net Zero (GFANZ) Mark Carney announced GFANZ’s intentions to work in partnership with governments and multilateral development institutions to mobilize its $130 trillion for green purposes.