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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.

This report by the Climate Policy Initiative (CPI) updates the tracking of climate commitments for the 70 largest public financial institutions (PFIs) for 2023 and analyzes the climate strategies of 49 smaller PFIs in emerging markets and developing economies (EMDEs). The findings indicate minimal progress among large PFIs, while smaller institutions often demonstrate higher ambition when supported by their national governments.

This report by the Climate Policy Initiative (CPI) analyzes the climate commitments of the 70 largest public financial institutions, representing USD 20.4 trillion in assets. It finds a significant gap in ambition, particularly among national and subnational development banks and institutions in non-OECD countries, where Paris-aligned and net-zero targets are rare. The report highlights a lack of specificity in climate finance goals, a deficiency in adaptation-focused commitments, and a general slow adoption of institutional climate strategies. CPI identifies insufficient accountability and a lack of government and global coalition guidance as primary barriers and provides recommendations to strengthen the integrity of public finance in the energy transition.

The New York Declaration on Forests Action Agenda (2014) outlines a comprehensive framework for governments, companies, indigenous peoples, and multilateral institutions to slow, halt, and reverse global forest loss. It details a 'menu of key actions' for various stakeholders and reports a surge in zero-deforestation commitments from global commodity traders and consumer goods companies, alongside national pledges for forest restoration and the protection of indigenous lands.