Development finance: From resolutions to actionable solutions

8 September 2023 - Foreword of the week - By : Claire ESCHALIER

The reform for a new global financing pact – as it was ambitiously designated by the French President Emmanuel Macron – allows little time for rest, combining several agendas that collectively seek to rethink how the Global South can finance its low-emission development pathways, with support from the Global North. The sequence of international events that starts this week with the Finance in common Summit, the African climate summit, G20 and followed by World Bank Group and International Monetary Fund’s Annual Meetings will be key to see if the multiple resolutions to reshape development finance outlined during the first semester of 2023 were merely wishful thinking or if they can be seen as the first bricks of a new international financial architecture. 


At Finance in common Summit, in Cartagena, representatives from 500+ Public Development Banks gathered this week to discuss how to align financial flows with the 2030 Sustainable Development Agenda and the Paris Agreement. Though it is not the first event of the kind, this year’s summit was crucial to ensure that Public Development Banks are given a pivotal role in the reform and become instrumental in financing the transition, particularly at the local level. Indeed, they are key operating partners for Finance Ministries who are more than ever seeking new sources of funding, to meet the considerable needs required for their development up to an estimated US$ 3 000 billion by year by 2030.


As this year’s G20 host country, India has made green development and the closing of the climate finance gap one of the key priorities of the summit which will take place in New Delhi on Sept 9-10. And as a voice from the Global South, India could be instrumental in driving the redirection of financial flows towards low-carbon and resilient development pathways: let’s hope that at least part of the rhetoric is turned into action. Keep reading this newsletter to find out how I4CE is involved in these discussions, at country level, with T20, but also alongside Public Development Banks, through research and advocacy on the ground. 


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To learn more
  • 04/19/2024 Foreword of the week
    World bank and IMF Spring Meetings: How can the reformed institutions play a leading role in funding the transition?

    Rethinking how development can be financed to take into account the rising challenges of our time is a fastidious task, especially when thousands of experts, decision makers and practitioners want to leave their print. The outline of the new international financial architecture is being debated again this week, with more questions open for discussion than consensus on the answers. 

  • 04/19/2024 Blog post
    More and better finance: maximising positive climate impacts for a timely transition 

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  • 04/17/2024
    Ambitious alignment with the Paris Agreement in public development banks

    At the Spring Meetings, during an event with senior climate representatives from Multilateral Development Banks, I4CE, E3G, Germanwatch and NewClimate Institute officially launched a common position paper on what ambitous Paris alignment means for public development banks. This paper summarises years of research on Paris alignment to shed light on best practice and hopefully support decision makers in taking and implementing credible climate commitments. 

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