The first-ever global meeting of all Public Development Banks, the Finance in Common Summit will take place during the third edition of the Paris Peace Forum.
The third edition of the Paris Peace Forum will be the first event on the international calendar focused on constructing a better world post-pandemic. As the Paris Peace Forum convenes actors of change from around the world to discuss global governance and multilateralism, the Finance in Common Summit will be one of the main highlights of the third edition, gathering a new community comprised of more than 450 Public Development Banks (PDBs).
Initiated by the World Federation of Development Finance Institutions (WFDFI) and the International Development Finance Club (IDFC), the summit is convened by the Agence française de développement (AFD), a long term benefactor partner of the Paris Peace Forum, with the support of Multilateral Development Banks, regional associations of Public Development Banks, relevant international institutions (UNDP, UNEP, OECD and the European Commission) and the Caisse des dépôts et consignations.
Why Finance in Common?
During the third edition of the Paris Peace Forum, the Finance in Common Summit on 12 November will address our common need to build new forms of prosperity that take care of the living (people and planet) in a resilient manner,. This event will stress the crucial role of Public Development Banks (PDBs) both in the immediate and counter-cyclical response to the Covid-19 crisis and in the long term, in their contribution to the implementation of the commitments made by the international community in favor of the Sustainable Development Goals and the Paris Agreement on climate. PDBs are public institutions controlled or supported by governments, operating at sub-national, national, regional, international and multilateral levels, with a mission to perform public mandates and to address market inconsistencies so that certain social and economic objectives drive their operations.
ln the context of the Covid-19 pandemic and subsequent global socio-economic crisis, this unprecedented event is even more relevant. The Summit will take into account pressing global issues such as health, resilience, food security, financing of social infrastructure, and confirm the unique role of Public Development Banks in supporting economies during the crisis while promoting sustainable recovery.
The objective of the Finance in Common Summit is twofold : to build a new and powerful coalition of all 450 public development banks to promote cooperation among them and to bring together the financial community, both public and private, to give us the means to take collective action against COVID-19 and in favor of climate and SDGs.
The Finance in Common Summit is also intended to serve as a starting point for an ambitious international agenda in 2021, marked by, among others, the COP15 biodiversity conference, the COP26 climate change conference and the Generation Equality Forum.
The ambition of the Summit is to issue a joint declaration declaring the PDBs willingness to contribute actively to the recovery while aligning with sustainable finance principles and incorporate the goals of the Paris Agreement, the Convention on Biological Diversity, and the 2030 Agenda into their business strategy, operations and processes.
Leading up to the Summit a research conference will take place on 10 November, during which a consortium of prominent academic institutions will present research papers and share insights about how PDBs can produce better finance over the long term.