The world is facing unprecedented challenges, from poverty, inequality, and lack of access to basic services, to climate change and other environmental crises. The fight against poverty, the decarbonization of our economy in order to achieve carbon neutrality by 2050, and the protection of biodiversity, are closely intertwined. The UN Sustainable Development Goals (SDGs), the Paris Agreement on Climate Change, and the Kunming/Montreal Global Biodiversity Framework provide a roadmap for the international community to address these challenges.
Public Development Banks (PDBs) can play a crucial role in bridging the financing gap and supporting a comprehensive agenda for people and the planet. Together, they hold assets worth over $23 trillion and invest annually more than $2.5 trillion, about 15% of total global investment, public and private. They can also mobilize local stakeholders, improve data quality and availability, and implement initiatives and recommendations for scaling-up public and private funding in infrastructure development.
FiCS is hosting a Special Event on June 22 as part of the New Global Financing Pact Summit. Attended by President Emmanuel Macron and other leaders, the event aims to:
- Discuss how to leverage the role of PDBs to finance the SDGs, through stronger collaboration and more systemic approaches;
- Ensure that all PDBs support the objectives of the NFP Summit, by affirming the commitments of its members and by reminding and strengthening their mandates to scale up sustainable finance and to enhance the mobilization of the private sector;
- Accelerate the alignment of financial systems with the SDGs by engaging in an in-depth dialogue with other actors;
- Agree on the role of Finance in Common and Public Development banks in supporting a new consensus for a more inclusive international financial system.