Key De­vel­op­ment and Fi­nance Up­dates

Financial Nigeria Magazine - - Contents -

The world's ma­jor de­vel­op­ment fi­nance in­sti­tu­tions have agreed to use de­vel­op­ment fi­nanc­ing to scale the im­ple­men­ta­tion of the 2015 Paris Cli­mate Agree­ment. The col­lab­o­rat­ing in­sti­tu­tions in­clude World Bank, African De­vel­op­ment Bank, Asian De­vel­op­ment Bank, Is­lamic De­vel­op­ment Bank, Euro­pean In­vest­ment Bank, New De­vel­op­ment Bank, Asian In­fra­struc­ture In­vest­ment Bank, and In­ter-Amer­i­can De­vel­op­ment Bank.

At the 2017 One Planet Sum­mit, which held last month in Paris, the DFIs agreed to deepen their col­lab­o­ra­tion with each other and with other in­ter­ested en­ti­ties. They agreed to in­crease the mo­bi­liza­tion of pri­vate-sec­tor in­vest­ment, sup­port pol­icy and reg­u­la­tory re­forms, while also in­creas­ing trans­parency and con­sis­tency in track­ing cli­mate fi­nance and re­port­ing of green­house-gas emis­sions.

They com­mit­ted to work­ing to­gether to align fi­nan­cial flows to sup­port coun­tries, ci­ties, and ter­ri­to­ries with their own cli­mate ac­tion plans; and work with clients to sup­port ini­tia­tives that pro­tect the most cli­mate-vul­ner­a­ble ar­eas, in­clud­ing small is­land de­vel­op­ing states.

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