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This report, commissioned by the G20 Sustainable Finance Working Group under the 2025 South African G20 Presidency, examines how Vertical Climate and Environmental Funds (VCEFs), Multilateral Development Banks (MDBs), and National Development Banks (NDBs) can collaborate to scale climate finance. It identifies financial and non-financial barriers to cooperation and proposes a roadmap of short- and mid-term actions to improve interoperability, leverage local currency financing, and mobilize private capital to meet sustainable development and climate goals.

The 'Transforming forest finance' special report by the Forest Declaration Assessment outlines five priority actions to align the global financial system with forest and sustainable development goals by 2030. It argues that simply increasing funds is insufficient; systemic transformations are required to address the socio-economic and political drivers of deforestation, including the reform of multilateral finance, sovereign debt, harmful subsidies, and financial regulatory frameworks.

This executive summary outlines the discussions and 2025 agenda of the 11th meeting of the San Giorgio Group, a coalition of climate finance leaders. The document advocates for a shift in narrative from 'doom and gloom' to one of economic opportunity, emphasizing the need to mobilize domestic resources through National Development Banks (NDBs) and to reform multilateral development banks (MDBs) to prioritize private capital mobilization over direct project finance.

This report examines the role of multilateral development banks (MDBs) in promoting low-carbon procurement within the infrastructure sector, identifying both the opportunities for MDBs to lead the transition and the systemic challenges that hinder the adoption of sustainable practices in developing countries.

This briefing by Zero Carbon Analytics examines the role of multilateral development banks (MDBs) in climate finance, arguing that reforms to their capital adequacy frameworks and the use of under-utilised financial tools could unlock hundreds of billions of dollars in additional funding. It highlights the importance of MDBs in meeting the New Collective Quantified Goal (NCQG) while noting that their current contributions remain a small fraction of the total funding required for global climate action by 2030.

This report, prepared by an Independent High-Level Expert Group (IHLEG) for the Brazilian G20 Presidency and the G20 Sustainable Finance Working Group, reviews the operations of the Vertical Climate and Environmental Funds (VCEFs)—the Global Environment Facility (GEF), the Adaptation Fund (AF), the Climate Investment Funds (CIF), and the Green Climate Fund (GCF). The review identifies a fragmented global climate finance landscape and recommends a 'process integration' approach to enhance the Funds' collective impact. Key proposals include harmonizing accreditation and reporting, shifting from individual projects to country-driven investment platforms, and expanding the use of diverse financial instruments to mobilize more private and public capital for emerging markets and developing economies (EMDEs) and least-developed countries (LDCs).

This executive summary outlines how international development finance institutions (DFIs) and multilateral development banks (MDBs) can better collaborate with national development banks (NDBs) in emerging markets and developing economies (EMDEs) to increase adaptation finance flows. It identifies systemic barriers to cooperation and proposes five strategic recommendations to align international finance with national adaptation needs.

This report analyzes how multilateral development banks (MDBs) can ensure that green hydrogen production in Global South countries leads to sustainable development rather than extractive trade relations or environmental stress.

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) and E3G analyzes climate finance flows and Paris Agreement alignment between multilateral development banks (MDBs) and national development banks (NDBs) in emerging and developing economies (EMDEs). It identifies limited current cooperation, operational frictions in on-lending, and divergent approaches to climate strategies, providing recommendations to scale collaboration through improved governance, clarified mandates, and shared institutional capacity.

This executive summary from Climate Policy Initiative and E3G examines the cooperation between multilateral development banks (MDBs) and national development banks (NDBs) regarding climate finance in emerging and developing economies. The report identifies limited existing cooperation and a divergence in how these institutions align their operations with the Paris Agreement. It provides recommendations to improve the volume and effectiveness of on-lending through better governance, clarified mandates, and shared institutional capacity.

This report by the Climate Policy Initiative (CPI) proposes an innovative operational model for International Financial Institutions (IFIs), specifically Multilateral Development Banks (MDBs), to increase the scale and quality of climate finance for Emerging Markets and Developing Economies (EMDEs). It advocates for a shift from project-by-project funding to national sectoral platforms, the large-scale use of risk-sharing instruments to catalyze private capital, and a comprehensive business model overhaul including an 'originate-to-distribute' approach to optimize balance sheets.

This discussion paper by the Climate Policy Initiative outlines a proposed operating model for multilateral development banks (MDBs) to increase the volume and efficacy of climate finance deployment in response to the climate crisis and other global challenges facing developing countries.

This report evaluates the progress of four Multilateral Development Banks (MDBs)—the African Development Bank, the Asian Development Bank, the Inter-American Development Bank, and the World Bank—in mainstreaming climate adaptation finance. Based on case studies from Kenya, Nepal, and Peru, the document examines how these institutions scale up funding, incorporate climate risk screening, and align their portfolios with national priorities such as National Adaptation Plans (NAPs) and nationally determined contributions (NDCs).

This research paper analyzes the European Bank for Reconstruction and Development's (EBRD) new Paris alignment methodology released in December 2022. While the methodology expands exclusions for fossil fuel financing, the author argues it remains insufficient because it does not fully exclude midstream and downstream gas infrastructure, potentially allowing projects that are inconsistent with a 1.5°C warming limit.

A statement from a coalition of civil society organizations (CSOs) addressed to US Secretary Janet Yellen, arguing that the World Bank Group's (WBG) Evolution Roadmap is an expansion of 'business as usual' rather than a true transformation. The authors urge the US Treasury to push for systemic reforms, including ending fossil fuel financing, democratizing governance, and addressing sovereign debt, rather than focusing on expanded financing and private sector 'de-risking'.

The Ninth Meeting of the San Giorgio Group, convened by the Climate Policy Initiative on March 23-24, 2023, brought together financial sector actors managing over USD 25 trillion in assets to discuss scaling climate finance. The discussions focused on three primary areas: evolving the approach to just energy transitions, reframing adaptation and resilience as investment opportunities, and reforming the public finance architecture of Multilateral Development Banks (MDBs).

This policy brief by the International Institute for Sustainable Development (IISD) argues that the European Bank for Reconstruction and Development (EBRD) should sign the Glasgow Statement on International Public Support for the Clean Energy Transition. The authors suggest that by redirecting its average annual fossil fuel investments of EUR 741 million toward clean energy, the EBRD could increase its annual clean energy financing by 50%. The brief recommends that the EBRD implement a robust fossil fuel exclusion policy, specifically targeting gas infrastructure, to align with the 1.5°C warming limit of the Paris Agreement.

This briefing by the World Resources Institute evaluates the progress of multilateral development banks (MDBs) in aligning their financial flows with the Paris Agreement. It argues that while some progress has been made in direct investments, MDBs are lagging in standardizing fossil fuel exclusions, greenhouse gas accounting, and the alignment of indirect investments and policy-based loans.

A briefing by the World Resources Institute (WRI) analyzing the World Bank Group's draft Climate Change Action Plan through 2025, arguing that the plan is insufficient and proposing five specific areas for improvement to better align with the Paris Agreement and net-zero goals.