COMMITMENT TRACKER UPDATE The 2023 update to PFIs’ climate commitments tracking reveals a minimal uptick in the adoption of climate commitments, with new action taken by just two tracked PFIs.2 This raises the share of institutions with a Paris alignment or net zero commitment to 33% (from 28% in 2022), and the share of those with exclusion and divestment policies to 34% (from 31% in 2022). [...] In light of the global scale and massive volume of climate finance needed to meet the Paris Agreement goals, it is imperative that the mainstreaming of climate action is expanded to encompass a wider array of PFIs across economic mandates, geographies, and sizes. [...] CLIMATE ACTIONS OF SMALLER PUBLIC FINANCE INSTITUTIONS Our review of the climate strategies of 49 small-, micro-, and medium-sized PFIs operating in EMDEs examined annual reports, climate and sustainability reports, and bank websites. [...] 4 We assessed the climate vulnerability, size, and mandate of each of the 23 banks that had adequate information, and mapped these categories to their level of climate engagement. [...] Two metrics are used as indicators of climate vulnerability: membership in the Vulnerable Twenty Group of Ministers of Finance of the Climate Vulnerable Forum (V20), a forum of countries self-identified as systemically vulnerable to climate change, and climate vulnerability scores from the Notre Dame Global Adaptation Initiative (ND-GAIN) Country Index (2021), an open-source index that measures a.
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