BRUSSELS — Days before the first-ever summit of the world’s 450 public development banks, organizers are still searching for common ground on the phase out of investments in fossil fuels.
The Finance in Common Summit, coordinated by the French Development Agency, was announced by French President Emmanuel Macron in May as a chance to promote a green recovery from the COVID-19 pandemic in line with the Sustainable Development Goals.
However, as the Nov. 11 opening draws closer, the ambition of the banks’ joint statement has been dialed down in order to reach consensus between the “global coalition” of lenders.