18 Nov 450 Public Development Banks commit to manage nature-related risks and opportunities supported by work of the TNFD
In their joint declaration announced during Finance in Common (FiC) summit -organized by the French Development Agency– more than 450 Public Development Banks and their partners stated their willingness to contribute to the recovery and align with sustainable finance principles. Among announced commitments, PDBs committed to take into account and manage direct and indirect climate, biodiversity, environmental and social risks and opportunities, inspired by existing international initiatives and recommendations such as those of the Task Force on Climate-related Financial Disclosure (TCFD), the Task Force on Nature-related Financial Disclosure (TNFD) and Mainstreaming Climate Action in Financial Institutions.
They aim to enhance implementation of instruments that can shift investments to sustainable asset classes, such as using a shadow price of carbon, and provide adequate information on the degree of alignment of our portfolios with the Paris Agreement and on SDG reporting.
This online summit was the first world summit of public development bank, which took place in the framework the 3rd Paris Peace Forum, under the high patronage of Emmanuel Macron, President of the French Republic, and with the participation of UN Secretary-General António Guterres. The event examined the crucial role of PDBs in building a more resilient and sustainable world, both during the COVID-19 crisis and in the long-term. The summit also aimed to foster cooperation and reconcile the finance community in support of common action for climate and the Sustainable Development Goals (SDGs).
In addition to the joint declaration, members of the International Development Finance Club (IDFC) also made public their Common Position Paper on Biodiversity.
IDFC members commit to: