Public Financial Institutions’ Climate Commitments: 2023 Update

The 2023 update on the 70 largest public financial institutions (PFIs) shows minimal progress in climate commitments, with only two institutions adding new net zero or Paris alignment targets. Analysis of smaller PFIs in emerging markets and developing economies indicates that climate mainstreaming is driven more by shareholder government support than by institutional capacity.

• Tracking of the 70 largest PFIs in 2023 revealed very little change in climate commitments compared to 2022, with new net zero or Paris alignment targets found for only two institutions that already had existing climate strategies.
• A review of 49 micro- to medium-sized PFIs in emerging markets and developing economies suggests that the ability to mainstream climate action is primarily influenced by strong support from shareholder governments rather than the institution's own capacity.
• A 2022 pilot exercise established that only 20 of the 70 tracked PFIs—representing 25% of the tracked assets under management—had Paris alignment or net zero targets, many of which lacked interim targets or specificity.

APA

Climate Policy Initiative (2024). Public Financial Institutions’ Climate Commitments: 2023 Update. https://www.climatepolicyinitiative.org/publication/public-financial-institutions-climate-commitments-2023-update/

Chicago

Climate Policy Initiative. Public Financial Institutions’ Climate Commitments: 2023 Update. 2024. https://www.climatepolicyinitiative.org/publication/public-financial-institutions-climate-commitments-2023-update/.

Wikipedia

{{cite report |author=Climate Policy Initiative |title=Public Financial Institutions’ Climate Commitments: 2023 Update |date=28 February 2024 |url=https://www.climatepolicyinitiative.org/publication/public-financial-institutions-climate-commitments-2023-update/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatepolicyinitiative2024public, author = {{Climate Policy Initiative}}, title = {{Public Financial Institutions’ Climate Commitments: 2023 Update}}, institution = {Climate Policy Initiative}, year = {2024}, month = feb, url = {https://www.climatepolicyinitiative.org/publication/public-financial-institutions-climate-commitments-2023-update/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }