Public Financial Institutions’ Climate Commitments: 2023 Update

The Climate Policy Initiative (CPI) updated its tracking of climate commitments for the 70 largest public financial institutions (PFIs) in 2023, finding minimal progress in the adoption of net zero or Paris alignment targets since 2022.

• Tracking of the 70 largest PFIs—representing 94% of total assets under management (AUM) in the Finance in Common Public Development Banks Database—shows that climate commitments remained largely stagnant between 2022 and 2023. Only two institutions made new commitments, and both had already established climate goals and strategies; no PFIs that were previously unengaged on climate made new commitments.
• A 2022 pilot exercise revealed that only 20 of the 70 tracked PFIs, accounting for 25% of tracked AUM, had Paris alignment or net zero targets. These targets were primarily held by multilateral development banks (MDBs) and often lacked interim targets or specificity.
• A review of 49 micro- to medium-sized PFIs in emerging markets and developing economies (EMDEs) indicates that the mainstreaming of climate action is more strongly influenced by support from shareholder governments than by the institution's own capacity.

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} }