This week, the 450 public development banks, major players in the global economy, are meeting for the first time in a summit dedicated to them. Indeed, the Finance in Common Summit will underline the crucial role of public development banks in reconciling short-term countercyclical responses with sustainable stimulus measures that will have a long-term impact on the planet and societies.
Public Development Banks aim to promote projects and programs carried out in their respective jurisdictions, whether international or national, illustrating the essential role of BPD in solving urgent problems, resuming sustainable climate action, and in achieving positive results for the planet.
These focus on three major missions:
- Manage public savings by directing investments towards infrastructure or economic sectors considered by the State as a priority
- Support activity to save companies and jobs during crises
- Address market imperfections by intervening in areas where private actors do not invest spontaneously, although they are essential for the general interest. Ecological transition, health, school and preservation of biodiversity.
This first summit should show the capacity of banks to provide immediate reinforcement in the face of the crisis, while preparing for a lasting recovery.
By reconciling the entire financial community in favor of joint climate action and the United Nations Sustainable Development Goals, the Finance in Common Summit will be a key step on the way to the crucial events of 2021 (COP26, COP15) .
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