IDFC contribution to the Summit for a New Global Financial Pact

BUILDING A NEW CONSENSUS FOR A MORE INCLUSIVE INTERNATIONAL FINANCIAL SYSTEM

 

Objective of the summit: to highlight the contribution of PDBs to the transformation of financial systems towards sustainability, by further structuring the Finance in Common global movement and strengthening the dialogue with other stakeholders for the alignment of financial flows with the Paris Agreement, the SDGs and Global Biodiversity Framework.

Specific objectives for IDFC: to promote IDFC activities, in particular on SDG (upcoming position paper on SDGs alignment) and on climate/biodiversity (GFM, Club’s climate and biodiversity statements, climate facility)

Participants: National development bank, regional networks of PDBs, MDBs and other stakeholders (GFANZ, ISSB, NGFS, CSOs)

The international community’s responses are currently fragmented, partial and insufficient. We therefore call for a fundamental overhaul of our approach. Together, we need to build a more responsive, fairer and more inclusive international financial system to fight inequalities, finance the climate transition, and bring us closer to achieving the Sustainable Development Goals.

MIA MOTTLEY, Prime Minister of Barbados

We will take a major step, as we will start by establishing a new consensus. The fight against poverty, the decarbonization of our economy in order to achieve carbon neutrality by 2050, and the protection of biodiversity, are closely intertwined. We therefore need to agree together on the best means to address these challenges in the poor and emerging countries of the developing world, when it comes to the amount of investment, to comprehensive reform of infrastructure like the World Bank, the IMF, and public and private funds, and how to set a new process in motion.

EMMANUEL MACRON, President of the french Republic

IDFC and its members will participate to an official special event as well as several side events:

22 June 10:15am – Unesco – Side-event: Defining impact for the transition in concrete terms

  • Organizers: Climate Policy Initiative (CPI), Iddri, Institute for Climate Economics (I4CE), NewClimate Institute, World Resources Institute (WRI)
  • Objective: to bring in the debate country representatives and DFIs to exchange on how they are advancing on the climate and development agenda, what are their specific objectives related to the transition to low-carbon resilient economies and how to define impact?

22 June 3pm – Palais Brongniart – Roundtable #6: Mobilizing the private sector for the SDGs: sustainable infrastructure and SME financing 

Objective: How to promote business opportunities and their financial sustainability? How to mobilize domestic resources, public institutions and private funding? And finally, how can small and medium-sized enterprises grow in size and hence contribute to a diverse and resilient private sector?

22 June 4:30pm – AFC participation to the Sustainable Finance in LMICs: Innovative Actions for the EU

Ayaan Adam, CEO of AFC Capital will take part to the High Level Expert Group for Scaling Up Sustainable Finance in Low and Middle Income Countries has been reflecting on innovative actions the European Commission can take to accelerate the flow of private capital towards sustainable investments in LMICs. The HLEG will reveal and seek feedback from the audience on its first key results and recommendations. The panel will also showcase an existing Team Europe Initiative, Investing in Young Businesses in Africa, when discussing policymaking in support of early-stage businesses.

22 June 5:30pm – FiCS Special event in the presence of President Emmanuel Macron and other Leaders will be gathering 17 IDFC members 

“Leveraging Public Development Banks’ Investments for the SDGs”

  • Objective: to highlight the contribution of PDBs to the transformation of financial systems towards sustainability, by further structuring the Finance in Common global movement and strengthening the dialogue with other stakeholders for the alignment of financial flows with the Paris Agreement, the SDGs and Global Biodiversity Framework.
  • Specific objectives for IDFC: to promote IDFC activities, in particular on SDG (upcoming position paper on SDGs alignment) and on climate/biodiversity (GFM, Club’s climate and biodiversity statements, climate facility)
  • Participants: National development bank, regional networks of PDBs, MDB and other stakeholders (GFANZ, ISSB, NGFS, CSOs)
  • Confirmation from 17 IDFC members as of June, 19: DBSA, TDB, CDG, AFC, SIDBI, JICA, PT-SMI, NAFIN, Bancoldex, CABEI, BNDES, CDP, ICD, CAF, KfW, BOAD, AFD

Click here to read the concept note

23 June 9am – Comet, place des Victoires (75002) – Affiliate event: Capital Mobilization roadmap roundtable

  • Organized by CPI, in partnership with IDFC, The Children’s Investment Fund Foundation (CIFF), Bloomberg Philanthropies and GFANZ
  • Focus on how to prioritize promising solutions and how to get the robust ideas of many in the international finance community to implementation