09 October 2020

First-of-its-kind summit to push development banks on climate


BRUSSELS — When the world’s public development banks gather at their first all-hands meeting in Paris this November, it will prove a litmus test of their commitment to combating climate change.

The partly virtual Finance in Common summit on Nov. 10-12, will tackle the recovery from the COVID-19 pandemic. And climate change will play no small role, particularly as banks discuss sustainable ways to rescue the economy.

Audrey Rojkoff, the secretary-general of the summit and deputy-director for strategy, partnerships and communication at the French Development Agency, or AFD, said that the joint declaration will “of course” mention the Paris Agreement on climate change.

“But they are not all ready to align their financial flows with the Paris Agreement,” Rojkoff told Devex, referring to the roughly 450 public development banks who make up 10% of annual global investment.