公共开发银行气候承诺2025：PDB气候雄心的趋势与进展

Trends and progress of PDB climate ambition December 2025 ACKNOWLEDGMENTS This report was completed with financial support from Sequoia Climate Foundation. Specialthanks go out to Foundation staff members Sean de Montford and Hailee Donoghue for their The authors also wish to note our appreciation of Climate Policy Initiative (CPI) colleaguesBarbara Buchner, Dharshan Wignarajah, Tini Thomas, Chris Grant, Nicole Pinko, and CostanzaStrinati, for their review and suggestions, as well as Rob Kahn and Kirsty Taylor for editing We would finally like to acknowledge the following experts for their engagement during theresearch and review process (listed in alphabetical order by affiliated organization): LuisaNogueira and Cinthia Bechelaine (Development Bank of Minas Gerais); Seleha Lockwood andViktor Ahlgren (E3G); Jean-Baptiste Jacouton and Laura Sabogal Reyes (Finance in Common); AUTHORS Neil Chin, Shreya Bansal, and Arjun Rawal CONTACT Neil ChinNeil.Chin@cpiglobal.org ABOUT CLIMATE POLICY INITIATIVE CPI is an analysis and advisory organization with deep expertise in finance and policy. Ourmission is to help governments, businesses, and financial institutions drive economic growthwhile addressing climate change. CPI has offices in Brazil, India, Indonesia, South Africa, the DESCRIPTORS SECTORFinancial REGIONGlobal KEYWORDS Climate Finance, Paris Alignment, Development Finance, Capacity building RELATED CPI WORKS Public Development Bank Climate Action PortalPublic Development Banks’ Climate Commitments 2024 MEDIA CONTACTRob KahnRob.Kahn@cpiglobal.org RECOMMENDED CITATION CPI. 2025. Public Development Banks’ Climate Commitments 2025: Trends and progress of PDB EXECUTIVE SUMMARY Public development banks (PDBs) stand at the forefront of global efforts to achieve interlinkedclimate and development goals. In 2025, the imperative for a coordinated and coherent scalingup of PDB efforts to mobilize climate finance and to establish new models for public-publiccollaboration has been repeatedly underscored through the G20 Sustainable Finance Working However, 10 years after the signing of the Paris Agreement, tracked PDB climate finance1continues to follow an inconsistent trajectory.A major increase from current levels—as well asmore impactful use of existing resources—is needed to deliver investment at a volume sufficient Shown in Figure ES1, PDBs’ climate finance momentum has waxed and waned, with trackedflows notably decreasing in 2023, following a period of rapid growth from 2020 to 2022. Recentdecline likely reflects emerging headwinds including shrinking public fiscal space, rising cost of In an increasingly uncertain operating context where macroeconomic and geopolitical challengesloom large, it becomes more critical that PDBs scale their climate commitments and underlying This report responds to these challenges by offering practical, data-driven insights into thenext steps that PDBs and key stakeholders can take to raise collective climate ambition and KEY FINDINGS In the decade following the 2015 Paris Agreement, many PDBs of varying size, mandate, andgeographic origin have raised their climate ambition considerably, integrating climate actiontargets into their operating models. However, while already ambitious institutions continue In 2020, five years after the Paris Agreement was signed, only 28% (47 of 170)2of trackedPDBs were committed to aligning their operations and financing with the Agreement’sobjectives. Five years later, the share of tracked PDBs with Paris alignment commitments hasreached 45% (77 of 170).However, from 2022 to 2025, we’ve observed that—across the PDB Utilizing recently updated commitments tracking data, we have reassessed climate ambition“clusters” within the 170 tracked PDBs, based on the distribution of climate commitments acrossinstitutions (see Annex 7.3 for methods). Similar to our 2024 report, clustering analysis reveals Yet, just between 2024 and 2025, we observe the number of PDBs with little-to-no climatecommitments (i.e., minimal ambition) has reduced, as seven tracked institutions that previouslyfell into this grouping have now advanced to substantial or limited ambition clusters dueto the adoption of new climate commitments. In addition, both high ambition clusters have However, these shifts represent incremental improvements in PDBs’ collective ambition, aslimited and minimal ambition clusters still outweigh high and substantial ambition groupings, Importantly, we also observe that favorable enabling conditions can lead to rapid increases inPDB climate ambition, as illustrated by recent actions taken by PDBs in Brazil. Our tracking data covers five domestically focused PDBs that are headquartered in Brazil: theBrazilian Development Bank (BNDES), the Bank of Northeast Brazil (BNB), the Bank of the Stateof Pará (Banpará), the Far South Regional Development Bank (BRDE), and the Development Bankof Minas Gerais (BDMG). As of 2020, only BNDES had e