The world's public development banks on Wednesday pledged to align their financial firepower with the Paris Agreement on climate change but avoided a firm commitment to phase out fossil fuel financing.
As a source of funding for many large infrastructure projects, including in the energy sector, public development institutions are key to efforts to steer finance away from fossil fuels and into low-carbon projects.
Together, such institutions invest around $2.3 trillion each year — equivalent to 10% of all global investments from public and private sources.