The Finance in Common Coalition
The Finance in Common (FiCS) coalition, launched in 2020, is a unique global go-to platform for all +500 public development banks (PDBs) across the world. Representing collectively more than 23 trillion US$ of assets and approximately 12% of total global investment, i.e. more than 2,5 trillion US$ each year, FiCS aims at highlighting the key role PDBs can play in supporting the transition of economies and financial systems towards sustainability, while leaving no one behind and addressing the most vital and pressing needs of countries and vulnerable groups.
Since 2020, FICS members have worked to align their activities with the objectives of the Paris Agreement, as stated in their ambitious joint declaration. In this regard, they have massively increased green and climate finance commitments, reaching a record level in 2021, with 82 billion US$ from multilateral development banks and 224 billion US$ from national development banks members of the International Development Finance Club (IDFC).
The third edition of the Finance in Common Summit (FiCS) took place from the 18th to 20th of October in Abidjan, Ivory Coast. Co-organised by two major multilateral development banks (MDBs), the African Development Bank (AfDB) and the European Investment Bank (EIB), in association with the World Federation of DFIs (WFDFI) and its five regional associations, it highlighted the commitment of PDBs to ensure just transitions and increase adaptation finance. In this regard, two new initiatives were launched: the FICS Coalition on Resilient Cities and Regions, and the African Alliance of Subnational Development Banks, to reinforce SDB’s intermediary role in the presence of 40 African SDBs representatives. Furthermore, a declaration of the Alliance of African Ministers for Urban Development Financing, in the presence of 15 African ministers in charge of cities, was released as a contribution to COP27 and 2023 global agenda, through the “Finance your cities” high-level conference
In the Summit’s final communiqué, FICS Members called on their national authorities and respective constituencies to unleash their full potential and convert PDBs into SDGs enablers by supporting ambitious outcomes at COP27, by strengthening PDBs’ mandates to systematically align with the SDGs, the Paris Agreement and the future Global Biodiversity Framework, increasing substantially adaptation finance, strengthening PDBs’ capital base and financial capabilities at scale, granting them access to key multilateral funds, encouraging the elaboration and implementation by PDBs of common guidelines and methodologies for the institutional alignment with the Paris Agreement and the SDGs, as well as the characterization of sustainable development investment, and by supporting the re-channeling of Special Drawing Rights to MDBs, in order to fund national and regional banks, and bridge subnational financing gaps.
The 2023 Summit will take place in Latin America, at the invitation of ALIDE and IDB.