Hi, I'm Dan Premack, and welcome to Axios Recap, where we dig into one big story.

Today is Wednesday, May 12th.

Inflation is up, Liz Cheney is down, and we're focused on how the U.S. plans to combat climate change in other countries.

Earlier this week, a former Obama White House staffer named Jake Levine was named

the first ever chief climate officer for the Development Finance Corporation, a U.S. government

group that kind of acts like a venture capital firm for developing countries. Or put a little

differently, it provides foreign aid but by giving money to private projects

rather than to governments. Now, lots of these projects over the years have been environmental

in nature, things like solar energy and clean water distribution. But Levine's appointment,

and the entire creation of a chief climate officer role at all at DFC reflect two things. First, that the Biden

administration recognizes climate change as a global issue in terms of both the causes and the

impact, which means we can't just stem the tide by taking action here at home. Second,

that private industry is a key part of the solution, particularly in terms of developing innovation.

I mean, regulation can help, but it doesn't develop cheaper and more efficient batteries or

carbon capture technologies. So today we want to have two conversations. First, with Axios Climate

and Energy reporter Andrew Friedman, who will help explain why Levine's appointment matters.

Second, with Jake Levine himself, who will explain why he left his big law job to return to public service

and what he plans to do in this chief climate officer role.

Those conversations in 15 seconds.

We're joined now by Axios Climate and Energy reporter Andrew Friedman.

Andrew, when you heard that DFC was adding a chief climate officer, what was your reaction?

I thought that it was an interesting move. I thought it was actually a relatively significant

...