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The world's 450 public development banks will meet for the first time next week at the "Finance In Common" Summit. This Summit, which was to be held in Paris but will eventually be 100% virtual given the pandemic, is an opportunity for these Public financial institutions to highlight their role in boosting the economy while building more sustainable societies. However, will they also commit as some have done in recent years to aligning themselves with the objectives of the Paris Agreement and the broader Sustainable Development Goals (SDGs)? This is one of the main challenges of this Summit that that I4CE explores below.
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Video: #DevelopmentBank
What to expect from the Finance in Common Summit, what is the role of public development banks and what impact could they have in a post-covid recovery context? In this video, Alice Pauthier from I4CE explains, in two minutes, what is at stakes for this summit.
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A Framework for Alignment with the Paris Agreement
Since COP21, public development banks have pledged to "align themselves with the Paris Agreement". Problem: there is no consensus on what this means. To support the emergence of a common language and principles, I4CE published the "Alignment Bull's Eye" in 2019. It highlights the main challenges to be addressed, including the "do no harm" challenge.
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New! From Aligning with Paris to the SDGs
Beyond alignment with the Paris Agreement, public development banks are also seeking to align themselves with the Sustainable Development Goals (SDGs). In this new Climate Brief, I4CE analyzes how its climate alignment framework could help them do so.
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13 nov: Technical workshop on Paris Alignment
While alignment with the Paris Agreement and SDGs will be at the heart of the Finance in Common Summit, the Climate Action in Financial Institutions Initiative, for which I4CE provides the secretariat, is organizing a workshop to allow practitioners from financial institutions to have a technical exchange on these topics.
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Secretariat of the Climate Action in Financial Institutions Initiative
Launched in 2015, the Climate Action in Financial Institutions Initiative now brings together nearly 50 public and private financial institutions worldwide. I4CE acts as its secretariat, enabling these institutions to learn from each other, disseminate lessons and best practices and collaborate on topics of common interest.
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