On Tuesday, September 23, 2025, IDFC, Finance in Common (FiCS), Agence Française de Développement (AFD), and Devex co-hosted a high-level side event during the United Nations General Assembly in New York. The session, “From commitments to action: How Public Development Banks can pave the road to COP30”, brought together leaders from across the development finance ecosystem to explore how Public Development Banks (PDBs) can move from recognition to delivery.

A turning point for development finance

With traditional development aid shrinking and public budgets under pressure, Public Development Banks (PDBs) are increasingly recognized as key actors in the global financial architecture. At the Fourth International Conference on Financing for Development (FfD4) in Seville earlier this year, PDBs were explicitly acknowledged as system builders and SDG enablers, capable of redirecting more than $23 trillion in assets toward sustainable investment at scale.

Serge Ekué (IDFC), Rémy Rioux (FiCS)

Shared commitment to global reform

During the event, IDFC Chairman Serge Ekué and FiCS Chairman Rémy Rioux reiterated their joint commitment to strengthening the international financial architecture by uniting PDBs and deepening dialogue with global institutions. They highlighted priorities such as consolidating the role of PDBs in sustainable finance, ensuring effective follow-up to the Seville outcomes of FfD4, and preparing the road to COP30 in close cooperation with Brazil’s presidency.

FiCS: advancing collective tools

Speaking as Chair of Finance in Common (FiCS), Rémy Rioux underlined how FiCS, a coalition of more than 530 PDBs worldwide, is demonstrating the value of collective action. In the aftermath of FfD4, FiCS is working with partners — including IDFC — to design and scale practical tools that help translate commitments into delivery.

These include the Global Guarantee Platform to de-risk projects and mobilise private capital, technical assistance initiatives to accelerate project preparation, currency-risk solutions to expand local lending, and country platforms that align finance with national strategies.

IDFC: priorities for coordinated delivery

As Chair of IDFC, Serge Ekué emphasized that recognition must now translate into coordinated delivery. He outlined four shared priorities for members:

1. Alignment on a unified climate and development investment framework, with transparent targets and methodologies;
2. Mobilisation of private capital at scale through guarantees, blended finance and co-investment platforms;
3. South–South and triangular cooperation to share expertise and accelerate project preparation across emerging economies;
4. One coordinated voice in global fora, with a joint IDFC roadmap ahead of COP30 to support Paris-aligned transitions and advocate for reforms in the international financial architecture.

Insights from the panel

Raj Kumar (DEVEX) – Moderator, Tariye Gbadegesin (CIF), Ana Toni (COP30 Brazil), James Muraguri (IPF) and Valerie Hickey (World Bank)

A high-level panel featuring Ana Toni (COP30 Brazil), Tariye Gbadegesin (Climate Investment Funds), Valerie Hickey (World Bank), and James Muraguri (Institute of Public Finance) discussed how to sustain momentum from FfD4 to COP30.

The debate focused on the expected outcomes for COP30, the need for stronger collaboration between funds and banks, the measures required to mobilise private capital more effectively, and the role of PDBs’ local proximity in translating global commitments into country-led investments and tangible impacts.

Closing call: from conviction to results

In his closing remarks, Serge Ekué stressed that conviction alone will not be enough. PDBs must now deliver visible results on the ground for communities, economies, and the planet. He underlined three immediate priorities: alignment around shared frameworks, mobilisation of private capital at scale, and local ownership so that every project is anchored in national strategies and delivers lasting impact.

Watch the replay

This event was a milestone on the road to COP30. We thank our co-hosts and speakers for joining us and look forward to building on this momentum together.