In this interview for the Global Governance Innovation Platform (GGI), Barry Herman, an independent consultant, traces the evolution of innovative finance for development and how its meaning has changed over time. He discusses the shift from early proposals focused on international taxation, such as the Tobin tax, towards approaches involving securitisation, capital markets and blended finance. He also considers the limits of innovative finance, arguing that new financing mechanisms cannot replace the need for public revenues and development assistance, and reflects on where opportunities for financing development may emerge as traditional sources of funding come under increasing pressure.
