The international financial architecture has not mobilized the long-term, low-cost, and stable finance needed to facilitate green and just transitions, to achieve the Sustainable Development Goals (SDGs), or to fulfil the Paris Agreement. This is due to an over- reliance on and the under-performance of private finance and an under-appreciation for and the under-utilization of global public banking capacity to confront the challenge. Policymakers should call on public national development banks (NDBs) and multilateral development banks (MDBs) to begin fostering a global public financial ecosystem grounded in accountable public-public collaboration.
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