In this regard, their support for financial intermediaries will be key for the transformation of financial systems. Indeed, to increase their outreach, MDBs and DFIs channel more and more finance through those financial institutions operating in developing countries. As an example, intermediated finance represents more than 60% of total investments of IFC, the “private arm” of the World Bank. All those intermediaries, public and private, need to start their climate mainstreaming journey and progressively adopt emerging best practices.

MDBs and DFIs can and must support this journey. Some already work on it, and COP27 will be an opportunity to take stock of the situation. I4CE’s team will be at COP27 to contribute to this stocktake, including with a series of side-events organised with the Initiative Mainstreaming Climate in Financial Institutions, for which I4CE provides the Secretariat and that gathers 53 public and private finance institutions. Don’t hesitate to join the discussion either in person or remotely – all of them will be broadcasted online – and listen to experts from I4CE, MDBs, DFIs, private finance institutions and from civil society organisations.