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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.

This expert note by the World Resources Institute examines country platforms as mechanisms to align public and private, national and international finance behind country-led climate, nature, and development plans. It identifies six key elements for effective platforms and details the specific roles and responsibilities of domestic institutions, international public institutions, and private finance providers in implementing these 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 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 policy brief by the Climate Policy Initiative examines the barriers and opportunities for National Development Banks (NDBs) to increase financing for climate-smart urban infrastructure. It identifies a significant gap between the potential of NDBs to act as intermediaries and the current reality, where only a small minority finance local governments. The document provides a 'City Maturity Model' consisting of 12 dimensions across strategic, financial, policy, and operational levels to help city officials improve their creditworthiness and project pipelines to better access NDB funding.

This policy brief by the Climate Policy Initiative examines the role of National Development Banks (NDBs) in financing climate-smart urban infrastructure. It identifies significant gaps in current NDB mandates and proposes a 'maturity model' consisting of 12 dimensions across strategic, financial, business, and operational parameters to help NDBs better support municipalities. The document provides recommendations for International Financial Institutions (IFIs) to support NDBs through technical assistance, innovative capital access, and de-risking instruments to bridge the urban climate investment gap.

This policy brief by the Climate Policy Initiative examines how National Development Banks (NDBs) can be leveraged to increase financing for climate-smart urban infrastructure. It identifies significant gaps in current NDB mandates and proposes a 12-dimension maturity model to help NDBs optimize their strategic, financial, business, and operational capacities to better support municipalities in implementing low-carbon and climate-resilient projects.

This policy brief by the Climate Policy Initiative examines the role of National Development Banks (NDBs) in financing climate-smart urban infrastructure. It identifies significant gaps in current NDB mandates and capacities, proposing a 'maturity model' with twelve dimensions across strategic, financial, business, and operational parameters to help NDBs better support local governments in implementing low-carbon and climate-resilient projects.

This research paper, developed under the Leadership for Urban Climate investment (LUCI) initiative, examines how National Development Banks (NDBs) can accelerate investment in climate-smart urban infrastructure to avoid unsustainable infrastructure lock-in and enhance city resilience.