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We spoke with Jessica Cheam about her role in advancing sustainability in Asia. She delves into the importance of blended finance in overcoming challenges to sustainable development, sharing her thoughts on why this approach is crucial for scaling sustainable projects across Asia.

 

Why do you think blended finance is so important for sustainable development in Asia-Pacific?

Jessica Cheam: I think blended finance is an emerging but very key instrument to help finance sustainable development projects at scale, especially in Asia-Pacific, where developing markets suffer from a lot of risks that a substantial amount of private capital would not typically touch.

Since 2015, when the SDGs and Paris Agreement were adopted, it has been an increasingly important agenda item in international forums, but as a funding mechanism itself, it has not scaled. The approach of blending public, philanthropic, and private capital to de-risk investments is crucial, but its implementation faces challenges. Convergence, the global network for blended finance, has said that blended finance transactions totaled about US$213 billion as of 2024, but this is a small amount compared to private capital. Geopolitical tensions that have flared up recently and the wait-and-see approach by politicians and business leaders are not good for climate action or progress for the SDGs. There is a need to scale successful platforms, addressing issues like effective taxonomies, standardization, and regulatory barriers.

Platforms like the HSC are vital to bring stakeholders together on global efforts to standardize and harmonize blended finance approaches.

 

Would you still say that blended finance would be the solution to the sustainable financing gap?

Jessica Cheam: I think we all need solutions, right? I mean, there is obviously a huge momentum being generated and achieved in things like green bonds all over the world, sustainability-linked loans, and a lot of debt financing that's happening as well. So, I wouldn't say it's the only solution, but I would say it's a very key solution that complements a wide range of sustainable finance mechanisms happening right now.

But it has a lot of potential. My view is that we are not really harnessing the potential of blended capital, even though there's a lot of willingness and advocacy around it. The implementation part of it is a little bit more challenging than the will and desire.

 

What do you think would make blended finance easier to implement?

Jessica Cheam: In terms of challenges in Asia, it is the lack of investable projects and also the lack of standardization and transparency. We need to build capacity in the region to get these projects structured in a way that makes them investable, then get blended capital to de-risk them.

One example is a blended finance platform called FAST-P, launched recently in Singapore by the Monetary Authority of Singapore. It combines concessional capital such as grants and loans on favorable terms together with private and philanthropic capital to create a larger pool of financing for sustainable development-focused projects. It has since been joined by organizations like the IFC, the Global Energy Alliance for People and Planet, the ADB, and even the German Development Finance Institution (DEG).

It will together raise up to US$5 billion to support Asia's green and transition financing needs. They are now looking to deploy this capital into energy transition and industrial transformation projects, especially in hard to abate sectors, and they have used this platform to standardize the criteria for what can qualify as a viable project.

This is a perfect example of how multilateral banks, sovereign wealth funds, development financial institutions, philanthropies, and the private sector can come together to scale solutions. We are starting to see more of these examples, and it is really encouraging.

 

What do you think holds investors back? What are their reasons and risks not to invest?

Jessica Cheam: If you look at sustainable development challenges, these are most acute in developing countries and emerging markets, and that's where the capital should be going.

The risks, of course, are the political regimes that come and go, currency risks, and a lot of red flags that would ordinarily just be shot down by private capital in the first instance.

So, you have this unique problem where the need is most acute in emerging markets, but the risk profile of these markets is not palatable to private capital and investors who want to come in.

Blended finance addresses this problem specifically because it comes in and, for example, takes the first-loss guarantee. If there's any risk, it shares that, which then unlocks the capital for private investors to come in. More institutional investors will have very strict capital criteria on where they deploy, and that's where we're seeing a lot of innovation happening, especially in Asia and Africa. Even though the start has been slow, where a lot of private capital was reluctant to come into this conversation, we're starting to see development banks, governments, and philanthropic capital coming into de-risk the first part.

The catalytic finance system, which is a mix of grants and concessional loans, is being used a lot nowadays, enabling the first part of the risk to be taken on by people who have the appetite and objectives to seed sustainable development projects. This makes it commercially viable for investors and institutions who can only come in when certain criteria are fulfilled.

 

Speaking of best-practice examples, do you think it is also important to change the narrative in the public sector regarding investment in sustainable development?

Jessica Cheam: Yes, absolutely. There is a lot of awareness, but the narrative is often about uncertainty, especially due to the current geopolitical situation. The macroeconomic outlook is very negative, but I think the narrative needs to be shaped differently to show that blended finance can be a key tool to promote global cooperation and help unlock some of the urgent infrastructure investments we need to see today.

The conversation often focuses on 'bankable projects', those that generate returns for private capital, but we also need to focus on the marginally viable projects, especially in developing markets, because of the role it plays in advancing economies.

These projects are essential for impact and development, even if they don't match return expectations at first. The narrative should focus on making the non-bankable bankable, while addressing the root causes of barriers, and using sustainable finance to drive policy reform and achieve real impact. It takes someone to say: "I want to make the non-bankable bankable because it drives positive outcomes for society." That's a very powerful narrative that not enough leaders talk about.

 

Blended finance has already contributed to transforming the Asian economy. Can you share more examples of blended finance success in the Asia-Pacific region?

Jessica Cheam: Recently, the Asian Development Bank, Japan Bank for International Cooperation, and a group of commercial lenders have signed a financing agreement with PT Supreme Energy Muara Laboh to expand the Muara Laboh geothermal power project in West Sumatra, Indonesia.

The total arranged finance package of US$92.6 million includes a US$15 million concessional loan from the Australian Climate Finance Partnership (ACFP)—this is an example of a concessional blended financing that seeks to catalyze financing for private sector climate adaptation and mitigation investments in the Pacific and Southeast Asia. It addresses market gaps and demand by de-risking development impact projects and bringing them to fruition.

Then there was also the JETP (Just Energy Transition Partnership) platform, announced at the G20 summit when Indonesia hosted it two years ago. The JETP platform is a blended finance model where governments and private sector capital come together to deploy capital into the just energy transition, especially in hard-to-abate sectors like cement, steel, mining, and electricity generation.

In Japan, we have seen initiatives led by GFANZ (Glasgow Financial Alliance for Net Zero Asia Pacific), which have launched a study to model the cost of retiring Japan's coal plants early, potentially using transition credits and blended finance.

So, we are seeing pockets of success stories, and we will continue to see momentum accelerate, but we need to enable the right regulatory environment and remove barriers to allow these projects to scale.

 

What is your vision for Asia's sustainability landscape in 10 years?

Jessica Cheam: I would love to see political leadership and policy coherence. It took 20 years, but we are finally seeing a global standard for sustainability disclosures with the ISSB S1 and S2, and the rise of disclosure mandates all over the world for companies. This standardisation also needs to be accelerated for sustainable finance.

In 10 years, I would love to see things beautifully harmonized, with one standard in place that works, where governments are on board, capital is working effectively, and projects are scaling up. That would be my dream for Asia. But, as we know, diplomacy and international cooperation are being challenged right now, so we will need to double down on the important messages of cooperation and multilateralism, and the role it plays in global progress.

 

What motivates you to keep going?

Jessica Cheam: That's such a great question. It depends on the time of year or the news stories I'm reading. But what keeps me going, and what keeps our team going, is the tangible impact we make. Our mission has always been to advance policy making and improve business practices for the SDGs. In whatever small way we can shape the conversation or unlock insights that enable better-informed decision making, that makes it worth it.

The world is noisy, with so much misinformation, disinformation, and polarization, especially in the news cycles.

If you care about people and the planet, you have to do something and that's what keeps me going.

Even though many of my peers have given up and changed industries, we keep pushing forward. It's not always easy, and it can get discouraging, but I believe everyone needs to play their part, no matter how small. If we all move in the same direction, we'll make progress.

Dr. Imke Rajamani has a passion for making global conferences matter, not just happen. As one of the founding Managing Directors of the Hamburg Sustainability Conference, she developed the project and established the HSC alongside Dr. Johannes Merck, who transitioned to the Supervisory Board in early 2025.

In January, Imke welcomed Henry Alt-Haaker as Co-Managing Director. Henry brings a background in geopolitics and a passion for connecting international leaders from diverse fields. Together, they lead the Hamburg Sustainability Conference gGmbH and a 30-person team based in Berlin and Hamburg, dedicated to bringing ideas to the stage and advancing a more sustainable world.

 

Do we really need another conference?

Henry Alt-Haaker: That was my first question, too, when Imke mentioned she was looking for a Co-Managing Director. I have been to more international summits than I can count, and too often, they are well-dressed echo chambers.

So, I asked her, "What's different here?" Her answer got to me. She said, "We are short on platforms that are willing to get real." Platforms that bring business into the fold as a partner, not just a sponsor or a scapegoat. And ones that invite emerging economies to lead, not just attend. The HSC wants to disrupt the usual alliances, question the Western-centric lens, and stop treating the private sector like the enemy. It's a tall order, sure, but at least it's not just another roundtable of usual suspects nodding in agreement.

 

What makes you different from other conferences?

Imke Rajamani: The HSC is a joint initiative of the Federal Ministry for Economic Cooperation and Development (BMZ), the United Nations Development Program (UNDP), the Free and Hanseatic City of Hamburg, and the Michael Otto Foundation. The HSC company was founded to host, organize and further develop the idea.

What makes the HSC approach different is that our work is based on the same principles that we want to strengthen among our participants: The HSC company operates as a public-private partnership model. All our initiatives and content are being developed in co-creation with our international conference partners and initiators. We also organize our events sustainably, in partnership with the Green Events Seal.

We believe that what matters is not only what is being discussed at the HSC, but how and with whom it is discussed and how those conversations are turned into action. All joint actions start with trust and with the HSC we aim to build exactly that.

Henry Alt-Haaker: And all this we are doing with an amazing, dedicated team of about 30 colleagues in Berlin and Hamburg, who are going above and beyond to make this start-up conference a success. I can truly say that the team I have the pleasure of working with is one of the most impressive parts of this job.

 

How do you ensure financial sustainability and independence?

Imke Rajamani: The HSC is a non-profit organization, initially funded by the Michael Otto Foundation, with strong financial support from BMZ (administered by GIZ) and the City of Hamburg. We are building additional partnerships with strict criteria to ensure we remain independent and avoid greenwashing. Our side events and networking activities are also being developed into a sustainable business model, reflecting our entrepreneurial spirit.

Henry Alt-Haaker: As someone who worked for a major funder before, the goal to become more diversified and get more partners from all over the world and all sectors of society on board is key because financial and intellectual diversification is the only guarantor for true independence and bravery of thought.

 

What was a standout moment from the first Hamburg Sustainability Conference?

Imke Rajamani: First, we sparked interest in the HSC's approach at the highest level of leadership. We were overwhelmed by the interest in attending the HSC. Initially, we aimed at bringing about 1000 sustainability leaders together to Hamburg. In the end, 1600 selected participants attended the conference in 2024. Among them were 11 Heads of State and Government, 29 international Ministers, 15 leading figures from international organizations and numerous business, science, and civil society experts. Thanks to the strong commitment of our political partners—especially the BMZ—we had 15 breakthrough moments, where new agreements have been signed, or new solutions and initiatives have been launched.

I am also very proud of how we built the HSC company and the conference from scratch together with a small core team and the great efforts of our initiators and partners. Feedback from participants was overwhelmingly positive. They found the program highly relevant and appreciated the open and trustful atmosphere that we have created during the two days in the Hamburg City Hall and the Hamburg Chamber of Commerce. It was important to us, when we developed the dialogue formats, conference design and brand, that the HSC feels unique and different from the established government and business summits.

Click here to discover our HSC 2024 Signature moments.

 

Do you think a conference like the HSC resonates with the world in which we are living right now?

Henry Alt-Haaker: If anything, this idea has become more relevant and urgent since its first iteration in 2024. At the heart of the HSC is the belief that multilateral cooperation, the establishment of new alliances and partnerships, and rethinking how international partnerships work is essential.

Continuing with 'business as usual,' as we have seen over the last decades of international cooperation, is not going to help us save humanity from self-destruction. An open dialogue about common interests and the possibility of different paths to get there is key to collaborating—especially across ideological boundaries. The world will need more of this, and not less, and I hope that the HSC can be an incubator for this school of thought and action of shaping the world in new alliances.

 

What about 2025? Where do you stand with your planning?

Henry Alt-Haaker: We obviously aim to build on the success of last year's conference. As a new and not yet widely known event, we were encouraged by the overwhelming response—over 300 proposals for our 60 sessions.

This confirms that we are on the right track. We are now in the final phases of curating a rich and diverse program focusing on topics ranging from reshaping the international financial architecture to biodiversity and future cities. We are pleased to collaborate with various partners from business, philanthropy, international organizations, and civil society and benefit from their expertise and networks.

We have also selected 15 Youth Ambassadors from emerging and developing economies out of more than 600 applications. This shows the tremendous dedication, strength, and innovative potential of young leaders in achieving the SDGs. Those leaders will not just be a decorative element to the conference, we intend to give them key roles and visibility in the conference.

Finally, we are also leaving the high policy bubble of the HSC and venture out into the city of Hamburg. I am particularly excited about this bit: Hamburg Sustainability Week takes place during the same week as the HSC and we are looking forward to having discussions on sustainability with a vibrant Hamburg civil society, in schools, cinemas and other places, where life happens. We hope to get in contact with as many citizens and innovative organizations from Hamburg as possible.

Imke Rajamani: To add to what Henry said, our partners Chamber of Commerce Hamburg, the International Chamber of Commerce Germany Office, and the DZ Bank will host Future Economy Day in partnership with the HSC on June 4. The program offers a deep dive into key questions and solutions for sustainable production, trade, and finance from the perspectives of private companies, business societies, and the financial sector.

With the HSC 2025, we want to spark even more new alliances, initiatives, and action for Sustainable Development. I hope that we become a super-spreader event for trust, hope, and a can-do attitude.

Peter Bwire, founder of Kitale Film Week, is pioneering a new era for African storytelling in rural Kenya by blending cinema, sustainability, and community empowerment. In this exclusive interview for the Hamburg Sustainability Conference, Peter shares how his grassroots festival can advance the SDGs, overcome infrastructural challenges, and inspire the next generation through film, technology, and bold local vision.

 

Peter, as you will be joining the HSC, what inspired you to participate, and what do you hope to achieve or contribute through your involvement in this global platform?

Peter Bwire: Ever since I met the HSC representatives showcasing at the German Business Summit in Nairobi, I loved the conference's commitment to action-oriented dialogue and systems change. I was inspired to join HSC because I see film as an underutilized yet potent tool for sustainable development—particularly in rural Africa. At Kitale Film Week, we're experimenting with bold local strategies that integrate cinema, sustainability, and social infrastructure in underserved communities. My goal at HSC is to demonstrate how locally rooted, creatively led initiatives like ours can deliver tangible SDG impact—across education, environment, gender equality, and youth empowerment. From rural Kenya, we're proving that film isn't just culture—it's infrastructure. Through my pitch, "Film as a Strategic Factor for Sustainable Urban Development in Africa," I want to contribute a new development logic in Africa—one that positions creativity, storytelling, and local media ecosystems as public goods essential for inclusive and resilient cities. My goal is to secure partnerships, policy allies, and institutional recognition for models like ours that are radically rethinking development from the margins.

 

You're the driving force behind Kitale Film Week in Kenya. Can you tell us how this initiative connects with the global sustainability movement and the Sustainable Development Goals (SDGs)? Do you think that film festivals like that play a crucial role in advancing the SDGs, particularly in rural communities?

Peter Bwire: The Kitale Film Week is a local intervention with global implications. We're aligned with SDGs 4 (Quality Education), 8 (Decent Work), 10 (Reduced Inequalities), 11 (Sustainable Cities), and 13 (Climate Action). In rural regions where civic infrastructure is weak, film festivals like ours become de facto public forums—spaces where information, imagination, and community coalesce. We don't just screen films; we educate, we organize, we inspire. This is soft power as public service. I believe that the creative sector is not an add-on to the SDGs—it's a delivery mechanism.

 

The documentary "The Sorghum Sisters," directed by Tabitha Maina, follows Turkana women as they adapt to climate change through innovative sorghum farming, highlighting resilience and sustainable agriculture. Environmental sustainability is a recurring theme in your festival's programming.

Peter Bwire: Exactly—and it's deliberate. From the day we opened doors to our first edition in February 2023, we have prioritized films that explore the intersection of tradition, gender, and ecological justice, among other key issues. "The Sorghum Sisters", which was one of the 2025 selections, exemplifies how cinema can localize climate narratives. It's not about abstract carbon targets; it's about women in Turkana replanting their future. Stories like this one ground global challenges in familiar soil. They expand environmental imagination in ways policy documents can't.

 

Can you share how Kitale Film Week integrates environmental awareness into both its operations and film selections?

Peter Bwire: We are working to embed environmentalism across both our content and our operations. On-screen, we deliberately select and spotlight films like 'The Sorghum Sisters', which not only document climate impact but also amplify indigenous knowledge systems. Off-screen, we aim to continue operating low-energy mobile cinemas, prioritize reusable materials, and partner with green entrepreneurs. We repurpose spaces instead of building new ones. Our panels engage local farmers, scientists, and creatives to find shared language. We're also developing a Green Festival Policy to model eco-friendly cultural practices in rural Africa. We want sustainability thinking to be our operating system at the Kitale Film Week—not just a department or an amazing idea that we like.

 

In your view, what role does storytelling, particularly through film, play in advancing sustainability in communities like yours?

Peter Bwire: Storytelling is how communities rehearse futures. It is the bridge between awareness and action. In places like Kitale and the entire north rift and western Kenya, where infrastructure is scarce and uncertainty is high, film becomes a simulation space. It allows us to confront climate risk, gender injustice, or youth unemployment in ways that are emotional, not just technical. It creates the emotional infrastructure for policy and behavior change. Film makes the invisible visible—and it builds shared meaning, which is the bedrock of any sustainable transformation.

You founded the initiative in 2023 to create and nurture local talent, celebrate underrepresented voices, and build a cinema culture in a region with no existing cinematic infrastructure. Financial and infrastructural challenges are common for grassroots initiatives like the Kitale Film Week. What strategies have you found most effective for ensuring the long-term sustainability of Kitale Film Week?

Three things have worked well:

Strategic Partnerships: We've partnered with other film institutions like Tunga Media Afrika, Docubox, embassies, local businesses, and even smallholder cooperatives—not just for funding, but for alignment on community goals.

Modular Infrastructure: Instead of waiting for a cinema to be built, we bring cinema to where people are—schools, markets, open fields.

Institutional Thinking: We treat Kitale Film Week not as an event, but as a platform—layered with training, distribution, policy advocacy, and market linkages. This mindset helps us access diverse funding and scale impact.

Every year, we grow new leaders and audiences through mentorships and screenings. Our vision is long-term: building an ecosystem—not just an event.

 

You've spoken about transforming unconventional spaces—schools, community halls, even outdoors—into cinemas. What does this resourcefulness say about sustainability and community engagement in the arts?

Peter Bwire: It says that cinema is not a building—it's a public function. By reimagining space, we decolonize access. It also proves that culture doesn't require perfect conditions to thrive—it needs vision, trust, and community. By using what we already have, we also democratize access and reduce cost barriers. This resourcefulness is not just pragmatic; it's political. It lowers thresholds to participation, honors local rhythms, and reduces dependency on high-capex models. It also creates collective ownership. When a school becomes a cinema, students become stakeholders—not just spectators. Community-led transformation of space is also a powerful metaphor: that even the most overlooked places can host world-class creativity, and be venues where local films with significant global impact are seen. That's sustainability in its most participatory form.

 

Artificial Intelligence (AI) is transforming industries worldwide, including the creative sector. How do you see AI impacting African storytelling and your own work in the coming years?

Peter Bwire: AI is a tool—and like any tool, its value depends on who controls it and how it's applied. In African storytelling, AI could democratize access to editing, dubbing, subtitling, and audience analytics. It can help translate stories across languages and borders. But it can also replicate biases, erase context, and centralize control. At our new intitative, the Kitale Film Institute, we're designing AI literacy programs tailored to local filmmakers—so they can use these tools not just to copy Hollywood, but to reimagine their own aesthetic grammar. For me, AI is not about efficiency—it's about amplification of voice. And African storytellers have a lot to say. We also hope and will advocate for regulation, IP protection, and digital ethics to ensure African stories aren't mined without benefit to our communities.

 

Looking ahead, what is your long-term vision for Kitale as a creative city, and what role do you hope film and digital innovation will play in shaping its sustainable future?

Peter Bwire: We are working toward a designation of Kitale as a UNESCO Creative City of Film. But more than a title, the vision is infrastructural and generational. We're building the Kitale Film Institute, launching a mobile cinema network, and embedding film literacy in schools. We're also investing in digital pipelines for content creation, distribution, and policy dialogue. The long-term goal is to make Kitale a film-powered civic innovation hub—where creative expression directly improves education, climate action, and local economies. We want a city where every child grows up knowing they can tell a story, and every story can change something.

 

Is there a particular story or filmmaker in this year's lineup that you feel embodies the spirit of Kitale Film Week?

Peter Bwire: Yes. The school screening at St. Joseph's Girls High School on the last day of our school program in the 2025 festival was the embodiment of our festival's spirit. It brought together strategic partnerships i.e. DOCUBOX, Tunga Media Afrika, Fireplace Media Kenya, and St. Joseph's under our Film in Education program. We also used our mobile cinema program to co-curate films with students and facilitators from Kenya, Uganda, Cameroon, and even Lebanon. The post-screening discussions were rich with insight and imagination, especially with full engagement from high school students. That moment wasn't just a screening—it was a seed for global citizenship through film.

With political transitions underway in Germany, a new government in Canada, and the U.S. marking 100 days under its current administration, how do you see these shifts influencing the global sustainability agenda?

Raj Kumar: When a country as powerful as the U.S. shifts from a multilateral approach to a more transactional foreign policy, it changes the entire global system. Whether or not other countries agree with it, it affects the whole world, and I think it affects the sustainability agenda as well. Climate and development issues increasingly become part of transactional negotiations and national industrial policy discussions rather than global cooperation efforts. It's a significant and fundamental shift that impacts geopolitics, geo-economics, and sustainability strategies around the world.

 

The Hamburg Sustainability Conference shares a mission with Devex: Accelerating sustainable development. As someone attending the conference, what commitments or reforms would you hope to see, especially considering these new governments?

Raj Kumar: There's a major opportunity in development finance. About ten years ago, leaders from around the world gathered in Addis Ababa, Ethiopia, to discuss the future of global development. One of the most significant outcomes from those conversations was the recognition that private finance would become a key component in funding global development. This marked a shift in thinking, highlighting the crucial role that private investment would play alongside public funding in achieving sustainable development goals.

But that project has largely failed. Now, the opportunity today is even bigger than it was back then. With the right development finance tools, we can unlock trillions in private capital.

I think the Hamburg Sustainability Conference, particularly by bringing together the issues of sustainability and development, creates a huge opportunity for all actors—including the German government—to do more with development finance. This is essential to unlock the many trillions of dollars of private money that are currently sitting on the sidelines, looking for investable opportunities. To me, that's the big area of focus.

When you think of the energy transition, or industrial transitions in agriculture, transport, and many other sectors, Germany as a country—and German industry—has a lot to offer. The finance piece is key to unlocking that potential. That's where I believe the new government has a significant opportunity, and I think the multilateral development bank system, as well as all the development finance institutions around the world, have a big opportunity too. This is going to be a major focus in the coming years.

 

That sounds optimistic. Are you hopeful governments will seize this opportunity?

Raj Kumar: Yes, I think there is so much opportunity. There's real work ahead, but the potential is there—for Germany, the U.S., and others. The key is whether they act on it.

 

In Devex's recent newsletter, there was a recap of the first 100 days of the Trump administration, and a stark figure was mentioned: 80% of U.S. aid programs have been terminated. What impact does this have on emerging and developing countries? What needs to happen structurally or politically to support these regions?

Raj Kumar: I think there's a tale of two types of countries. On the one hand, you have countries with relative stability, investable markets, and some level of growth. In these countries, development finance can play a very big role. As we discussed, development finance institutions, multilateral development banks, and the private sector—both international and domestic—can be brought in to invest.

But then there are about 39 countries that are quite fragile, facing significant conflict, and home to the majority of the world's poor today. These countries require more focus from international aid and humanitarian assistance, as well as support from nonprofit organizations around the world. I'm concerned that these countries could be lost in the mix—especially as the United States pulls back so dramatically.

This presents a big opportunity for Europe, and for European official development assistance—particularly German aid. As Germany expands its domestic investments in defense and other areas, it could also look to these fragile countries, where even a relatively small amount of money can go a very long way. Perhaps this moment of disruption can be seen as an opportunity to reimagine the international aid model—one that is much more focused on investing in grassroots communities, making decisions locally, rather than in foreign capitals.

 

We recently interviewed Jessica Cheam on blended finance in Asia Pacific. Blended finance is one way to help fund financial sustainable development projects at scale. Do you see any financial innovations or instruments that could be potential game changers globally?

Raj Kumar: Actually, I don't think we need more financial innovation—we need simplification. The complexity of current instruments deters private investors. That's why I'm more interested in seeing development finance institutions (DFIs) create products that are straightforward and directly address the main concerns of private investors—such as political risk, foreign exchange risk, and the need for early technical assistance and feasibility studies.

DFIs should also work with governments to ensure the right enabling environments and legal structures are in place. If these factors are addressed, there's a lot of opportunity for private capital to flow into emerging startups, the financial sector, and capital markets.

To me, the issue is less about coming up with new innovations—we generally know what needs to be done. The bigger challenge is whether we can make institutions like the World Bank and other DFIs nimbler and more responsive, able to take a backseat when necessary, and focused on mobilizing private capital for long-term sustainability and development goals. This is ultimately a people and culture challenge, which is often harder than just designing a new financial product.

 

And what about U.S. leadership in climate policy? There's growing uncertainty around its commitment. How does this affect global sustainability financing?

Raj Kumar: There are a number of interacting variables here, so it's a little unclear exactly where things are headed. One factor is the push by the current administration to remove the focus on climate. The big question is whether this will lead major corporations, which have made significant commitments to these issues, to reduce those commitments. So far, I don't think that's happening. I think companies are changing their language and not putting climate front and center, but they haven't fundamentally pulled back.

We've reached a point where sustainability and smart climate policy are also good business. It would be very hard to turn U.S. companies and the economy away from these issues, because they are now deeply integrated into business models. But that's a key variable to watch.

Another important factor is the Inflation Reduction Act (IRA), which was the Biden administration's major effort to subsidize climate-smart investments. The Trump administration has criticized the IRA, but it's not yet clear to what extent they will pull back on those investments. These investments are happening across the United States, including in many Republican-governed states, so there could be significant pushback if efforts are made to roll them back. If the subsidies for climate investments continue, that will be a major boost to the global movement around sustainability. So, that's another key variable to watch.

 

Can institutions like the World Bank remain insulated from political changes?

Raj Kumar: It's such a volatile situation that there's really no way to say anything can be fully protected—anything can change.

People took comfort in the recent speech by the U.S. Treasury Secretary at the World Bank meetings, where he emphasized the importance of the U.S. staying engaged in these institutions. The President of the World Bank, Ajay Banga, has stopped talking as much about climate, but he hasn't changed the Bank's commitment: 45% of its funds are still going to projects that address climate issues.

So, there are good reasons to believe that these institutions can retain their commitment to sustainability, even in this political environment. But it's far too uncertain to really predict; things could move in either direction from here.

My hope is that, because the reality is on the side of those who believe in these issues, sustainability and climate—whatever the language—will continue to be a priority in the international system. Of course, if the U.S. pulls out of the Paris Accord or signals to allies, companies, and contractors that climate isn't a priority, that has a real cost and is a big negative. But it's not the end of the story. The sustainability movement now has deep roots and is truly global. So, while a lack of U.S. leadership is a significant challenge, it doesn't end the sustainability movement by any means.

 

Recently, we've seen close U.S. allies like Canada lose confidence in American leadership and influence. From your experience working with global development professionals, how is the United States currently perceived within your community, particularly in international sustainability circles?

Raj Kumar: I think the actions of the Trump administration to shut down USAID and dramatically cut U.S. foreign assistance have put U.S. leadership in the most negative light I've ever seen in my career in this field.

There's almost universal dislike and disagreement with these cuts, especially with how abruptly they were carried out. The changes happened so quickly and without notice that food was left stranded in ports and medicines ran out on shelves around the world. I think it will be very tough for the U.S. to regain its leadership role in this area. I hope they do, and that they find new ways to engage on these issues that meet their objectives around budget cuts and other priorities but still address the real needs that exist globally.

Today, when I talk to leaders from all over the world in this space, they are overwhelmingly negative about the actions the administration has taken. It will take a lot to rebuild their trust.

 

From a personal perspective, is there a moment or experience that shaped how you see the U.S.'s role in global development?

Raj Kumar: I can't point to just one conversation, but the moments that stick with me most are when I meet social entrepreneurs in the global South. Interestingly, I find they tend to be much more optimistic than the leaders I meet in the capital cities of the world's most advanced economies.

These social entrepreneurs face much greater challenges in getting their businesses or social enterprises off the ground. They operate with huge constraints, yet they remain highly optimistic because they see opportunity where there is need. That mindset is something I think we need more of in global development spaces.

I'm especially looking forward to the Hamburg Sustainability Conference, because it's a chance to bring together leaders who share a commitment and vision for these issues. While we've talked a lot about constraints — and the U.S. has become a big constraint—there is also enormous opportunity, much of it on the ground in the global South.

In many of these places, people are leapfrogging from energy poverty straight to renewable energy, or from traditional medicine to AI-enabled healthcare. There are tremendous opportunities emerging around the world, and I'm hopeful that at the conference we'll get to learn about them and consider how, even in this uncertain and challenging moment, governments can support that agenda.

 

Would you share that same optimism with the next generation of climate leaders, many of whom may feel overwhelmed by today's chaos?

Raj Kumar: Absolutely. I think what climate leaders—especially the next generation—need to do is focus on where there is opportunity. And there's a lot of opportunity—in philanthropy, social enterprise, and in the private sector.

As frustrating as it may be to see backsliding and the slow pace of change in some places, there is still a great deal of opportunity. We need to take advantage of that. It's also important to remember that we're in a very different place today than we were ten years ago on this agenda. Yes, the climate situation has gotten worse, with more emissions, but many of the underlying factors for addressing the challenge have improved.

For example, the cost of renewables has come down dramatically, fundamentally changing the economics of clean energy. Many companies have now committed to net zero or adopted new sustainability agendas. The next generation prioritizes these issues in a way we've never seen before.

 

Your book The Business of Changing the World highlighted private capital, entrepreneurs, and data. Would you rewrite any part of it today? Or does the main message remain the same?

Raj Kumar: I think the main message of my book is just as urgent today. When I look at the massive reduction in official development assistance—just in the U.S. alone, we're seeing a drop from $72–75 billion to less than $15 billion in one year—it's clear that traditional aid is shrinking rapidly. But at the same time, there's enormous opportunity in private capital flows through development finance and in philanthropy, which are even bigger than the reduction in aid.

Although I wrote the book six years ago, we still haven't fully captured these opportunities. Billionaire philanthropy is still very nascent. There are now 17 people in the world worth over $100 billion, and if they were to do what Bill Gates and Warren Buffett have done, their impact could be at the scale of countries—which, of course, brings its own challenges. Still, there's enormous untapped potential in financing for health, education, and agriculture waiting on the sidelines.

So, I'd say the message and the urgency remain the same—if anything, it's even more urgent now as the traditional aid world is being disrupted so quickly. The only thing I would add, the chapter I would write today, is about the opportunity around artificial intelligence. I think AI isn't just a linear change in technological capability; it's a real step change. For places with too few trained doctors or teachers, AI could transform health and education systems entirely. There are really big opportunities, especially for the least developed countries, when it comes to AI.

Dr. Mirjam Peters, Chief Customer Sustainability Officer at Höegh Autoliners, is shaping the future of sustainable business by embedding environmental and social impact into the heart of customer relationships. In this exclusive HSC interview, Mirjam shares how companies can transform sustainability into a driver of innovation, resilience, and trust—and why collaboration, courage, and clarity are essential to accelerate progress toward the SDGs.

 

What motivated you to take part in the Hamburg Sustainability Conference this year, especially as you step into your new role as Chief Customer Sustainability Officer?

Mirjam Peters: The Hamburg Sustainability Conference has become in only two years a leading platform to align global ambition with the much-needed actions. It creates a great opportunity to cooperate with likeminded peers and develop partnerships to drive actions to decarbonize shipping.

 

As Chief Customer Sustainability Officer, how do you see the role of business in supporting customers on their sustainability journeys?

Mirjam Peters: Businesses like Höegh Autoliners must not only lead by example but also co-develop solutions with customers. We offer tangible decarbonization solutions like our Aurora Class vessels, which are ammonia-ready and represent a significant step toward zero-emission shipping. We are providing customers with the tools and transparency needed to meet their sustainability goals.

 

The HSC aims to bridge action and ambition. In your view, what's the most urgent gap businesses need to close to drive systemic change?

Mirjam Peters: We know that the technology in shipping works to decarbonize the sector and now we also have as the first global sector mandatory emissions limits. However, to turn ambition into reality, we must close the price gap between conventional and zero-carbon fuels. That's why it is crucial for all stakeholders to work together—and for mechanisms like ETS revenues to be reinvested in the maritime sector to accelerate the transition.

 

Green shipping is once again a key topic at this year's HSC. From your perspective, what role does Green Shipping as a collaborative platform play in driving sustainable innovation within the shipping industry?

Mirjam Peters: Green Shipping platforms are essential for fostering collaboration across the maritime industry, build momentum, and ensure the industry moves forward together. They facilitate the sharing of best practices, standardization of sustainable technologies, and collective problem-solving. Höegh Autoliners' partnerships with companies like Kongsberg Maritime, MAN and DNV exemplify how collaborative efforts can lead to innovative solutions, such as the development of ammonia-ready vessels.

 

Your background is rooted in natural sciences and the automotive industry. How has this shaped your perspective on sustainability in a corporate context?

Mirjam Peters: Coming from a scientific and operational background, I approach sustainability through both a systems lens and a results-driven mindset. I understand the complexity of large-scale industrial processes and the science behind environmental impact. This dual perspective helps me bridge the strategic vision of sustainability with the operational realities of implementing change—something that is vital in a sector as technically demanding as shipping.

Answer if we switch to nat science and automotive, which would be my preference: My background in natural sciences has given me a systems-level understanding of how environmental, social, and economic factors interact—something that's essential when designing sustainability strategies that are both credible and scalable. Working in the automotive industry, taught me how complex and interconnected global supply chains truly are. It also made clear that sustainability cannot be an afterthought—it must be engineered into products, logistics, and partnerships from the start. At Höegh, this means collaborating deeply with our OEM partners to develop shipping solutions that align with their decarbonization goals, using data, innovation, and shared accountability to drive meaningful impact.

 

You're known for connecting sustainability with customer value—how do you ensure that environmental and social goals align with business success?

Mirjam Peters: We focus on creating shared value. At Höegh, our sustainability initiatives are not standalone—they're integrated into our value proposition. Whether it's reducing emissions per car shipped or offering digital tools for customers to track their climate impact, we make sustainability tangible and beneficial. This alignment builds trust and long-term partnerships, which ultimately drive both business growth and climate progress.

 

Which sustainability goals or topics are especially close to your heart, and why?

Mirjam Peters: One area that resonates deeply with me is the decarbonization of hard-to-abate sectors—particularly maritime logistics, where the transition is both urgent and technically complex. I'm especially passionate about accelerating the adoption of scalable zero-emission solutions, not just as a climate imperative but as a competitive advantage for our customers. At Höegh Autoliners, we serve global OEMs who are under immense pressure to decarbonize across their entire value chains. Helping them achieve scope 3 emissions reductions through our green shipping solutions isn't just professionally rewarding—it's personally motivating, because I believe these efforts create ripple effects across entire industries.

 

Having led sustainability initiatives across the automotive, logistics, and industrial sectors on multiple continents, what are the most critical lessons you've learned about driving meaningful change in global organizations?

Mirjam Peters: The biggest lesson is that change is driven by culture as much as by strategy. You need top-level commitment, yes—but equally important is engaging people at every level of the organization. Empower teams, celebrate progress, and make sustainability part of the corporate identity. Also, never underestimate the power of data—what gets measured, gets managed.

 

What advice would you give to the next generation of leaders who want to build careers with purpose?

Mirjam Peters: Stay curious and courageous. Sustainability is evolving rapidly, and no one has all the answers. Be willing to experiment, collaborate, and challenge the status quo. Most importantly, find your personal why—when your values align with your work, purpose follows naturally.

 

In one sentence: What is your vision for a sustainable future, and what drives you every day to get closer to it?

Mirjam Peters: A sustainable future is one where global trade thrives within planetary boundaries—and what drives me every day is knowing that our actions today will define the quality of life for generations to come.

Éliane Ubalijoro is Chief Executive Officer of the Center for International Forestry Research and World Agroforestry (CIFOR-ICRAF). As a scientist and the leader of an international organization harnessing the power of trees and forests for humanity, she works towards better lives and livelihoods in the Global South. With expertise in environmental science, AI, and gender equity, she bridges grassroots communities and global policy. Ubalijoro advocates for a community-driven approach to sustainable development, integrating science, technology, and local knowledge. In this interview, she discusses the role of African leadership in sustainability and the potential of innovation and AI for a green, inclusive future.

 

Éliane, you've spent much of your career addressing systemic challenges, focusing on issues like gender equity, climate change, and sustainable development. What do you think is the biggest opportunity for Africa to lead on the global sustainability agenda today?

Éliane Ubalijoro: There are three factors that define Africa's opportunity to lead on the global sustainability agenda. The first is the potential that the continent holds in terms of global food production. With over 60% of the world's arable land and a smallholder-based farming model that integrates agriculture and biodiversity, including agroforestry, that combines modern bio-economy and traditional knowledge, the continent is slowly emerging as the world's food basket, contributing not just to food security but to a climate-resilient food system and nature-based solutions.

Secondly, the continent's young population offers innovation potential and leadership for reimagining sustainability pathways. The UN forecasts that the largest share of the global labor force will come from Africa as the continent's population is projected to rise from the current 1.4 billion to 2.4 billion by 2050. About a third of this will be young people between 15 and 24 years, and this changing demography implies that the continent is poised to become the largest source of economic growth globally as agro-industrialization expands alongside growing urbanization. Lastly, as the world grapples with the climate crisis, Africa's vast natural capital, including large carbon sinks such as the Congo forests, and millions of smallholders practicing regenerative agriculture, can help the world decarbonize, fostering a new era of low-carbon economic growth. We are already seeing a growing movement for Africa to define its own sustainability narrative—rooted in equity, sovereignty, and stewardship.

 

The intersection of technology and development is critical in shaping the future of African economies. In your view, how can innovation—particularly in technology and AI—support sustainable and inclusive growth on the continent? What do you see as the biggest barrier to scaling these innovations in Africa?

Éliane Ubalijoro: Innovation and technological leapfrogging have defined much of Africa's economic growth and development in the last two decades. We are witnessing rapid expansion in digital tools and AI, which are already changing the food production landscape in Africa and much of the developing world. AI, for example, can help smallholders improve productivity, monitor ecosystems, and access climate-smart advisory services, often at the click of a button. Innovation in remote sensing and data analytics is transforming forest monitoring, reducing costs for forest law enforcement, governance, and trade (FLEGT) significantly, enhancing carbon accounting to enable participation in carbon markets, and enhancing early warning systems, which help reduce hazards such as forest fires.

At CIFOR-ICRAF, we use our Land Degradation Surveillance Framework (LDSF), through which we have gathered data on soil and ecosystem health from key locations in over 40 countries in the tropics. This has vastly improved our comprehension of, and strategies related to, landscape health and restoration in contrast to what would have been gained through a one-off data collection approach. We also have the Regreening Africa app, which combines AI and citizen science to serve hundreds of thousands of farmers and reverse land degradation across eight countries in sub-Saharan Africa.

Some of the biggest barriers include infrastructural gaps, limited digital access, especially in rural areas, which have poor connectivity, and fragmented policy frameworks that hinder scalability. More focus would be needed in developing stronger public-private partnerships to not only attract capital for infrastructure development, but also to democratize innovation and ensure benefits reach the last mile.

 

Looking ahead at the HSC, what do you see as the main opportunity for fostering collaboration between African leaders, international organizations, and the private sector through HSC and similar platforms? What concrete actions should we take to ensure that these discussions lead to real impact on the ground?

Éliane Ubalijoro: In a world characterized by rapid shifts in geopolitics and a changing development cooperation landscape, HSC's focus on accelerating actions for the Sustainable Development Goals (SDGs) by uniting policymakers and business leaders is critical and timely. In my view, the HSC can be a catalytic space to bridge African entrepreneurship with global capital, technology, and expertise. It can enable African business and political leaders to establish cross-sector partnerships to scale landscape restoration, regenerative value chains, and circular bioeconomy pilots, all of which can expand employment opportunities for African youth while at the same time help address land degradation, biodiversity loss and climate change. In terms of the concrete actions that should be taken. First, there is a need to co-design inclusive financing models with African stakeholders, embed accountability in commitments, and ensure continuous engagement post-conference. Secondly, there is a need to facilitate open science and policy platforms that center African voices and innovation.

 

As someone who works closely with grassroots communities, how do you see local knowledge and traditional practices playing a role in the future of sustainable development in Africa? Can you share an example of where this integration has had tangible results?

Éliane Ubalijoro: CIFOR-ICRAF's work on forestry and agroforestry in Asia, Africa and Latin America is highly dependent and builds strongly on Indigenous and local knowledge systems. We recognize that local communities and Indigenous Peoples have long stewarded biodiversity and managed landscapes sustainably, also because in their worldview, nature is not just instrumental but is embedded in cultural and spiritual values and practices.

Indigenous practices offer blueprints for resilience, especially in agroforestry, water harvesting, and seed preservation. Respecting and integrating these systems into national and global policies is key to just and lasting solutions. In southern Africa for example, our researcher conducted a study that demonstrated that integrating Indigenous and local knowledge in conservation and natural resource management (NRM) initiatives is necessary to achieve sustainability, equity, and responsiveness to local realities and needs

 

Your work focuses on bridging the gap between science, innovation, and policy. What do you think needs to change in the way development policy is approached in Africa, particularly in regard to environmental sustainability and climate action?

Éliane Ubalijoro: In the current environment and climate crisis, Africa's development must follow a low carbon development pathway, and science, innovation, and policy are at the core of this approach. A number of things need to happen. First, policy must shift from the current extractive, top-down models to inclusive, landscape-based, and community-led approaches. Secondly, development frameworks should align with long-term climate goals while embedding equity and food sovereignty. Africa has already initiated this process through the African Union's long term development framework, the AU Agenda 2063, which is attracting investments in restoration programs such as the Great Green Wall (GGW) that we at CIFOR-ICRAF are supporting. Third, we need to invest in and develop science-policy interfaces that are transdisciplinary and decolonized at the global as well as regional level. Platforms such as IPCC and IPBES for climate and biodiversity respectively are already embracing local and Indigenous knowledge systems. This ensures that evidence to inform policy and decision making goes beyond western scientific models to include local voices such as those of Indigenous communities. Lastly, and most importantly, financing mechanisms must be fit for purpose—affordable, responsive, flexible, and accessible at the local level.

 

You have championed women's empowerment in many of your initiatives. How do you see the role of women in driving Africa's sustainable future? How can we ensure that they are not just participants, but leaders in the transition to a greener and more equitable economy?

Éliane Ubalijoro: There has been some progress in women's empowerment, but the world is not on track to meet SDG 5, which aims to achieve gender equality and empower all women and girls by 2030. Traditionally, development interventions have not addressed the unique challenges that hinder women from economic progress. In rural Africa for example, women bear a huge burden of having to travel long distance in search of water and firewood to cook for their families. Investments in clean cooking technologies for example would help alleviate a huge burden faced by nearly 970 million people in Africa, majority of them women who currently depend on traditional cooking methods like open fires and stoves exposing them to indoor air pollution which has negative health impacts. The harvesting of wood and biomass for cooking also contributes to deforestation and land degradation.

This is why I champion engagement of women in science and technology, and this is an area where we are there is progress. Several women are taking on leadership roles and shaping science in international research institutions working on energy, natural resources, agriculture, water and land management. These women science leaders are not only defining the global research agenda but are serving as inspiration and role models to a younger generation of female scientists. In Africa, where UNESCO estimates that women account for just 30 per cent of science professionals, simple measures such as support from parents can be equally as important as funding opportunities and policies to close the gender gap.

 

Africa faces a unique set of challenges, from climate vulnerability to access to basic services. With the world watching, what is your message to international development institutions on how they can better partner with African nations to build more resilient and sustainable systems?

Éliane Ubalijoro: I would not characterize those challenges as unique: All regions of the world are already facing climate vulnerability in some form, regardless of where we are. The reality is that the effects of climate change are already being felt in every continent. My message to the international development community is to consider this: Partner with humility—Africa does not need saving; it needs solidarity, respect, and most importantly, meaningful investment. It is time for the development community to move from short-term projects to long-term, locally anchored systems change. You need to support African institutions in leading research, innovation, and policy design—not just implementation. This will require an approach that prioritizes flexible funding and collaborating with local communities as equal partners to focus on community priorities—especially in vulnerable and climate-exposed regions.

 

At the Hamburg Sustainability Conference, a key focus is action-oriented solutions. How do you envision the role of African youth in contributing to the SDGs, and what role can platforms like the HSC play in empowering them to take on leadership in their communities?

Éliane Ubalijoro: Africa's youth are already leading—in climate action, biodiversity conservation, regenerative agriculture, and digital innovation. Many of them are involved in the Global Landscape Forum (GLF), a platform that CIFOR-ICRAF helped establish and which now boasts of a vibrant youth-led network of nearly 1.3 million young people aged between 18 and 35 years in over 100 countries who are committed to cultivating positive change for both people and landscapes worldwide.

We have seen strong participation and leadership from African youth in the GLF's Restoration Stewards program—an initiative that supports the efforts of youth-led teams in holistically restoring their landscapes and seascapes while nurturing biocultural diversity. We have examples of African youth driving real change at the grassroots through restoration actions such as afforestation, land reclamation, water harvesting, and agroforestry projects. We are empowering them to take leadership in their communities by helping to catalyze their work, through funding, capacity development, mentorship and spotlighting their work at global events such as HSC. We note that their creativity and entrepreneurial spirit are essential to building future-fit economies. Platforms like HSC should center youth voices, offer mentorship and investment pathways, and commit to intergenerational co-leadership. Let us not just empower youth to join—empower them to lead.

 

Finally, looking ahead, what do you hope to see in the next decade in terms of African leadership on sustainability? What does an Africa-powered, sustainable future look like to you?

Éliane Ubalijoro: First, I envision a continent where African science, values, and leadership are central to global sustainability governance. Secondly, I hope to see a thriving mosaic of restored landscapes, resilient communities, and inclusive green economies. Third, we need to have more women and youth shaping national development strategies and regional climate diplomacy. Lastly, an Africa-powered future means one where solutions are locally rooted, globally relevant, and environmentally just.