Key Development and Finance Updates
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.