The Finance in Common (FICS) delegation of CEOs alongside of the International Development Finance Club (IDFC) pursued their mission in NY and Washington DC. Very fruitful discussions were made with UN Permanent Representatives (RSA, Indonesia, Egypt, India, Rwanda, Brazil, Italy, Germany and France) ; the World Bank ; the IMF ; US Treasury ; GFANZ/Bloomberg ; BlackRock ; the US Green Banks network ; IFC ; JP Morgan ; and WRI.
As the world faces a multidimensional crisis, the members of FICS are ready to step up collaborations with other key public and private actors to address common challenges (peace, food crisis, gender, health, decarbonised and resilient economies) for a more sustainable, equitable and inclusive impacts. FICS strives to be a Sustainable Development Goals (SDGs) enabler by advocating for the shift in strategies, investment patters, and the design of the right policy frameworks to support just and pro-nature economic transitions.
Today, climate finance accounts for an average of 20% of total commitments made by IDFC members. If PDBs were to commit to a similar ration, they could extent more than USD 500 billion of climate finance per year. Here is where FICS can play a key role in turning international commitments into sustainable investments and development outcomes.
What are the next steps for FICS?
- Further disseminate key policy messages through its regional and national networks of PDBs
- Scale up operations in the Global South, especially in emerging countries
- Maximise the impact of joint activities capitalising on its coordinating capacities