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About this talk

Join us for the Inaugural Lecture of Nadia Ameli, Professor of Climate Finance at UCL Institute for Sustainable Resources. Currently, climate finance remains heavily concentrated in developed and more familiar markets, while many low-income and vulnerable economies continue to face persistent barriers to investment despite often having some of the greatest climate and development needs. This lecture explores why, arguing that the challenge is not simply a shortage of capital, but a deeper issue of how financial systems determine what is considered investible. Focusing on the complex macro-risk environments that shape investment outcomes, the lecture examines how different investment risks interact to influence investment decisions. Rather than operating independently, these risks often combine in dynamic and non-linear ways, shaping whether projects are perceived as viable, excessively risky, or excluded altogether. By exploring these interacting risk landscapes, the talk introduces the concept of the "investible space": the investment boundary within which financial systems recognise opportunities as investible. Understanding how this investment frontier is formed - and how it can be expanded - is essential for moving beyond conventional de-risking toward more effective strategies that better reflect real-world risk dynamics. Ultimately, this lecture argues that accelerating the sustainability transition requires more than mobilising capital. It requires rethinking how risk is understood, measured, and managed so that finance can expand what it is able to recognise, support, and build.

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