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This research paper by the NewClimate Institute examines the alignment of 'policy-based operations' (PBOs)—unearmarked loans provided by public development banks in exchange for institutional reforms—with the Paris Agreement. The authors argue that current lending practices may undermine just transitions to carbon neutrality and propose a framework based on the 'do no significant harm' principle to ensure PBOs do not increase climate risk exposure and instead promote macro-fiscal resilience.

This research paper by the World Resources Institute proposes a framework for aligning policy-based operations (PBOs) from multilateral development banks (MDBs) with the Paris Agreement, focusing on ensuring that unearmarked budget support does not undermine climate neutrality by 2050.