In representation of European Think Tanks Group ETTG, San Bilal participated in the 4th edition of the Finance In Common Summit, held in Cartagena from September 4th to 6th.
This blog article delves into his experience attending the summit as a member of the FICS Knowledge Advisory Group.
The summit served as a platform to discuss critical issues in development aid and climate finance. It allowed for learning from innovative practices and collaborating to improve the ecosystem of #PDBs. Notably, discussions around reforms of multilateral development banks (#MDBs) and international financial architecture were prominent, aligning with the global agenda set by recent events like the Paris Summit for a New Global Financing Pact and the Triple Agenda for strengthening MDBs report for the G20.
The blog also touches on concerns regarding climate change and the environmental impact of transatlantic flights.
The roundtable format facilitated knowledge sharing, highlighted key lessons, concerns, ambitions, and innovative approaches. It also provided opportunities for new collaborations and initiatives, such as the Green Coalition of Development Banks for the Amazon region and the PDB Platform for Green and Inclusive Food Systems.
Social concerns, including women’s empowerment and gender mainstreaming, featured prominently, the importance of a ‘just’ transition in PDBs’ operations was also emphasized.
Practical recommendations for PDBs to adopt a comprehensive human-rights-based approach, aligning with the UN Guiding Principles on Business and Human Rights and the Sustainable Development Goals (SDGs) were presented.
The summit showcased numerous innovative practices that have the potential to bring meaningful improvements when implemented across PDBs. These ranged from debt-for-nature swaps to local currency financing solutions, balance sheet optimization, and portfolio financing.
Additionally, the application of artificial intelligence (#AI) for data analysis and management, as well as the FiCS database on PDBs, was highlighted as a valuable resource for understanding and assessing PDB strategies and operations.
The summit’s impact extends beyond the event itself, as it will lead to a more structured global community of academics and experts working on PDBs and related issues.
The Finance In Common movement represents an important step forward, but it is just one part of the broader effort needed to address development and climate finance comprehensively.
ECDPM 🔎 🌍 | San Bilal | European Think Tanks Group ETTG
Blog post available here 👉🏼 https://ecdpm.org/work/stepping-finance-common
Picture retrieved from: https://financeincommon2023.com/
