The 10-12 November Finance in Common Summit brings together 450 public development banks which control the flow of more than USD 2 trillion in public money annually. On this occasion the undersigned organizations call on public development banks to stop funding harmful projects and protect people and the planet by putting democracy, justice, equity, human rights and sustainability at the heart of their operations.

As the world faces the deepest global health, social and economic crises in a century, intertwined with the growing destruction of biodiversity, the worsening impacts of the climate crisis, increasing and intersecting inequalities and threats to fundamental rights, we, the undersigned civil society organizations, call on Public Development Banks (PDBs) to devote their considerable financial resources and influence towards building a just, equitable, inclusive and sustainable future for all.

The Covid-19 pandemic is only the latest example of the multifaceted crises our societies are confronted with. They must be addressed at the roots. The pandemic is likely to push an additional 150 million people into extreme poverty by 2021 and dramatically increase the many vulnerabilities faced by billions of people. Women and girls, as well as those experiencing the cumulative impacts of various vulnerabilities, will be most affected.
And the worsening climate crisis and accelerating decline in biodiversity, if unabated, will further intensify poverty and other vulnerabilities by 2030. Whatever the duration
of the pandemic, the challenges the world is facing require global answers to be adapted to local situations.

This statement aims to highlight the important and interlinked issues that PDBs must address to provide a global response to both present and long-term challenges. PDBs should not repeat the errors of the past. They must seize the opportunity of the Finance in Common Summit to initiate a deep and rapid shif in the way they operate and place democracy, inclusiveness, equality, solidarity, and the common good at the core of their actions. Public money should only be spent in a way that promotes the wellbeing of people and the planet; not a single penny spent should contribute in any way to the violation of human rights, of economic, social and cultural rights, or of Indigenous peoples rights, nor should it allow for the destruction of nature, fuel the climate crisis or deepen climate injustice by supporting the industries most responsible for it.

Descargar (PDF, 1.11MB)