It's time for recovery finance to step up

The Climate Policy Initiative calls on development banks and financial institutions to utilize COVID-19 recovery finance to shift global economic trajectories toward sustainability and social justice, rather than returning to business-as-usual models that lock in unsustainable activities.

• A global summit of 450 development banks was convened, representing institutions that manage $11.2 trillion for public good economic activities.
• Initial COVID-19 relief measures have been extensive, including over $10 trillion announced by governments and central banks in fifty countries between March and May 2020, $100bn in emergency finance and debt relief from the IMF for 29 countries, and a $160bn recovery financing pledge from the World Bank Group.
• The author argues that current relief measures are insufficient to address long-term crises like climate change and inequality, warning that 'business-as-usual finance' may lock in economic activities that contradict future needs.
• Development financiers are encouraged to implement specific sustainable solutions, such as linking loans to sustainable outcomes, funding energy efficiency and climate resilient water infrastructure, and ending the financing of fossil fuel projects that lack future financial viability.
• The Climate Policy Initiative has established an Advisory Council to create 'Principles for Financing the Sustainable Recovery' to align recovery finance with the Paris Agreement and Sustainable Development Goals, specifically urging the UK and Italian governments to adopt them due to their leadership roles in COP26, the G7, and the G20.

APA

Kahn, R. (2020). It's time for recovery finance to step up. Climate Policy Initiative. https://www.climatepolicyinitiative.org/its-time-for-recovery-finance-to-step-up/

Chicago

Kahn, Rob. It's time for recovery finance to step up. Climate Policy Initiative, 2020. https://www.climatepolicyinitiative.org/its-time-for-recovery-finance-to-step-up/.

Wikipedia

{{cite press release |last1=Kahn |first1=Rob |title=It's time for recovery finance to step up |publisher=Climate Policy Initiative |date=11 November 2020 |url=https://www.climatepolicyinitiative.org/its-time-for-recovery-finance-to-step-up/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{kahn2020its, author = {Kahn, Rob}, title = {{It's time for recovery finance to step up}}, publisher = {Climate Policy Initiative}, year = {2020}, month = nov, url = {https://www.climatepolicyinitiative.org/its-time-for-recovery-finance-to-step-up/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }