 to watch and use as you want. So with our further ado, I'll move to introduce our first speakers, Ms. Audrey Rojkov from the AFD. Audrey is the Secretary General of the Finance and Commons Summit. She also served as the Deputy Executive Director in charge of strategy partnerships and communications at the AFD. She's an expert in climate finance and used to be an energy project manager and operation coordinator with the Green Climate Fund and the African Development Bank. And she has nearly 20 years of experience in Africa working on issues related to development. So I'll hand it over to you, Audrey. Thank you. Thank you very much. And good morning. Good afternoon to you all. First, I would like to very, very, thank you very much for giving us the opportunity to present the summit and to have this discussion with you today. I'm very pleased to be here with you and I will present you the summit. You have the presentation on the screen. So we can show, for example, the first slide. I would just like to present you what we want to achieve with the Finance and Commons Summit. We have three main objectives for this summit. First, we would like to gather for the first time all the public development banks of the world. We are 450 and we have never been gathered all together ever. So we want to be together and to discuss our role, ambition, challenges, and opportunities and have this discussion together. The second objective is to bring around this community of public development banks. The broader financial community and discuss with all partners the capacity of the public development banks to reorient and leverage all financial flows in the direction of climate and sustainable development goals. The third objective is to contribute to reinventing the militarism as we all see there is a need to push new forms of multilateralism and this new group of public development banks may contribute to join forces at the global level. I can present to you the banks what we are exactly talking about. So as I said, we are 450 public development banks in the world, evenly distributed in every region of the world. We have 100 banks in Europe, 100 in Latin America, about 100 in Africa and about 100 in Asia. This is in terms of number of banks but in terms of assets, of course it's not exactly distributed the same way. We are operating at local, national, regional, international or multilateral levels and we are generally a list of specialized institutions. You all know we have public development banks specialized, for example, in supporting SMEs, agriculture, housing, trade and so on. So there is a very huge diversity in this group with very different models but we have a strong conviction that with our public mandate and roots in the respective economic and social fabrics, we can build bridges between domestic and the private sector between domestic and international agendas between global liquidity and micro-economic solutions and with, of course, the short-term and the long-term priority. In terms of short-term, you all know that we provide your giant and counter-cyclical responses during times of crisis. And once again, today, all public development banks are fighting the impacts of the COVID-19 pandemic. We have played a counter-cyclical, we are also, we are now playing a counter-cyclical role to relaunch the global economy and providing a wide range of measures contributing to support the health system as well as to address the exacerbation inequalities generated by the crisis. In terms of long-term, we are also pursuing objectives of reducing inequalities protecting the planet and promoting sustainable development. This means preparing for a post-COVID-19 world that will require a longer-weighted paradigm shift to make the recovery a resilient and sustainable one. So we know, and we discussed it before, decision-making processes and financing are too often driven by short-term considerations and need to be aligned with long-term sustainability objectives. So this is why we think and we are very convinced that we can contribute to reorient the global financing towards climate and SDGs. And as such, we have certainly a unique role to play in the financial system. If we can go to the other slides, I can tell you more about the programme. So the event will last four days that we will have on the 9th and the 10th a research conference presenting the role of the public development banks. On the 11th of November, we will have a kind of gathering days for the PDBs. We will have workshops and meetings, a general assembly of the regional networks of PDBs and other events. And on the 12th of November, this is a big day of the summit where we will organise one plenary session with heads of states, two high-level panels dealing with cross-cutting issues, and then high-level events on more specific semantics. Besides this, we will have a project platform to launch projects and initiatives. We can go to the partners. So since January, we are preparing a summit and we have the support of many partners that are part of our Executive Committee. We have the patronage of our President because the event will be in print. We have the support of the UN Secretary-General. And we have, of course, all the banks represented by their Chair or Secretary-General of the regional networks. So we have the IDFC, we have the World Federation of CFI, which includes ILE-DE, ATFIAB, ATFI, LT, sorry, and ATFIMI. And we also have the European Networks, EDFI and EAPDs. We are also working with a group of multilateral development. In terms of international institutions, we are working closely with the OECD and the European Commission and the United Nations. And for your information, we have the label of COP 15 and COP 26. In terms of deliverables, if we can go to the next slide. I would like to share with you our main objective, the main outcome we are developing. We are going to mark the occasion of the summit with the signing of joint declaration. This declaration as well as the overall program of the summit is built around four questions. And all the four days of the summit will be developed to address these four questions. The first one is to clarify the present debt. Is there a common investment thesis among all these groups of PDBs? Is there a common function and role in, for example, leveraging the private sector? With the help of academics with PDBs themselves and all the other stakeholders, we will try to answer this question during the research conference held just ahead of the summit on the 9th and 10th as I said. The second question is are we sufficiently contributing to our common agenda set in 2015? We will provide answers at our level on how to implement and once recognizing our unique role and social responsibility, PDBs will take measures to collectively shift our strategies, our governance, investment patterns, activities and operating modalities. The third question is that in times where multilateralism is in question, could we as a community of public development banks join forces? And our proposition is to effectively join forces and form a new global federation of all public development banks around the world. We will build on the World Federation of DFI and its members at FII, at FIAP, at FIMI, and with the support of multilateral development banks under the global networks LTCH and IDFC, we will reinforce our cooperation with the view to simultaneously address the COVID-19 crisis, fight climate change and achieve the sustainable development goals. The fourth question, the fourth objective is to to show that this Finance and Commencement is certainly not a pro-domo initiative, not to talk about us. We will invite other stakeholders to join forces again to amplify the coalition movement initiated by the Finance and Commencement. The Summit is really not a one-off event. We are launching an initiative, a dynamic for the years to come to work together beyond the above-mentioned commitments. Additional conditions could be met for the PDB community to fully deploy its contribution to the tourist agreement and the 2030 agenda, and this is what we are aiming at during the Summit. So I can stop here with the presentation. You have here on the screen the main deliverables I described, the research conference, joint declaration, individual statements from heads of state because what we want to do in the plenary session is to invite some heads of state and governments to talk about the role they give to their public development banks who lead the global transformation. So this is where we are with the preparation of the Summit and I am happy to answer any questions we have. Excellent. Thank you so much. Thank you so much, Audrey. So now we will move to our second speaker. I just want to remind the audience that if you have any questions, please put that in the questions and answer tab. You can see that on your screen, on the bottom of your screen. So we'll move to our next speaker, which is Sonia Dunlop. Sonia will speak about the expectations of MDB's announcement in their process in their progress to Paris alignment. I just want to introduce Sonia who is a senior policy advisor at E3G, third generation environmentalism where she leads E3G work and research on public banks and international financial institutions. E3G is an independent climate change think-to-tank working to accelerate the transition to climate-safe world prior to joining E3G. Sonia spent five years in the solar PV industry working for the EU solar PV industry Associates Solar Power Europe, the European Parliament and UK's Solar Trade Association. So over to you, Sonia. Thank you so much, Yossi. Thank you for the introduction and thank you everyone for joining and Audrey for giving us that overview of the finance in common summit. So today, my name is Sonia Dunlop. I'm a senior policy advisor working for E3G but today I'm actually going to be representing a global coalition of civil society organizations that we are involved in called the Big Shift Global Coalition. You'll be able to see the logo in front of you. And we are a coalition of 48 civil society organizations all over the world, global north and global south working together to shift public finance so public development banks, multilateral development banks from fossil fuels to renewable energy and energy access and towards climate-related finance in general. And we are led by very ably led by Climate Action International, Climate Action Network International as well as Christian Aid, Oil Change International and many other organizations. So today I will be speaking on behalf of the Big Shift Global Coalition. And what I want to specifically talk about is the climate change aspect of financing of the finance in common summit and specifically about how it's going to bring together all these public development banks from around the world like as we saw on that slide like the Hellenic Development Bank and so on to make a commitment towards being part of implementing and aligning with the Paris Agreement. And that is what we hope and that is a commitment that some of those public development banks have already made. For example, the International Development Finance Club for example, the group of nine multilateral development banks and a number of others. And so what we're really interested in as the Big Shift Global Coalition is we would like to see not just that commitment but we'd also like to see some of these banks come forward with more flesh on the bones and more detail in terms of what it means for a public development bank to align with the Paris Agreement. And particularly the nine leading multilateral development banks are working together in an official joint process to try to get more flesh on that bone and to try and really define what it means to be aligned with the Paris Agreement. And that's important because that is almost definitely going to become the go-to definition and the go-to framework and plan of action for other public development banks to follow when they make this commitment. And so our first ask as the Big Shift Global Coalition to all the multilateral development banks is please, please, if the politics permits it, come forward with your framework, publish your framework in terms of what it means to be Paris aligned because that will allow others to copy and adapt that for themselves and to spread this best practice in the rest of the financial system. So we're saying please do come forward with this at Finance and Common, which is the right moment to do so. And we also have very clear views within the coalition as to what it really means to align with the Paris Agreement. And we've grouped them around seven areas, as you can see on this slide, broadly following the multilateral development banks' own framework. And we have a lot of ideas in terms of what this really means. So number one, in terms of overall Paris alignment, we want to see every public development that makes its commitment set a date by which it will be 100% Paris aligned. And that's important because it's important that this process does not drag on forever. So the EIB has said, for example, that it will be Paris aligned by the end of this year. The EBRD we hope will set 2022 as some kind of date. And for the rest of the multilateral development banks, we hope and urge them that 2023 should be the very latest in which they will be thinking of this. And we hope that the AIIB, the Asian Infrastructure Investment Bank will do this as part of their corporate strategy, that the World Bank may do this as part of their Climate Change Action Plan. Similarly, the African Development Bank, that, you know, a date needs to be set for 100% Paris alignment. Then we want to see public development banks in general making better contributions. We are recommending a target of 50% climate finance to show that climate is really being mainstream within decisions. And that should, of course, be a balance of mitigation and adaptation, climate mitigation and adaptation. And indeed, on the adaptation side, more work needs to be done to really scale up adaptation finance worldwide. And talking of adaptation, point number three on adaptation and resilience, we want every one of these public development banks to ensure that every project they finance and indeed their whole portfolios as a whole are really resilient to the physical and the financial, the transition risk aspects of climate change. And one of the things we would like to see at financing common is a coalition of banks from around the world, global north and global south to come together to make that commitment to really financing adaptation and resilience and closing that finance gap in that area that we desperately need to do. Area number four on mitigation, we want to see projects that are really consistent with the Paris agreements targets of 1.5 degrees. And we do think in the Big Shift Global Coalition that that means no financing of fossil fuels. We know that this is controversial for some, but we think it really is crystal clear. And we want to see every public development bank that makes this commitment to then follow that up with a target date for the phase out of support for all fossil fuels, coal, oil and gas, officially in their policies. As indeed the European Investment Bank has said it will do for next year. And my colleague Larry van de Beurre from Oil Change International will say more about that in a minute. Number five, it is so important that these banks really provide the real policy support, engagement, technical assistance and money in order to really help their clients change and do it. And what we're really particularly keen is we want to help, we want these public development banks to help their government shareholders, their countries of operation to implement and to increase the ambition of the nationally determined contributions that are the core building block of the Paris Agreement. And sixth transparency, you know, this is so important because in a sense if public development banks do this behind closed doors, in back rooms, behind the scenes, this work will not have the impact it needs to have on the wider financial system. And that's where we really have a potential catalytic effect. And so we want to see real reporting on the levels of Paris alignment in these different banks, on the portfolio level emissions, on how we're going to get those emissions to net zero in each one of those banks. We want to see real detail in terms of what these banks are doing and how they're getting there and how fast they're moving along there because we fear that this process is not happening fast enough. And finally, number seven, around reporting. This is about really trying to see climate change mainstreamed and integrated in every strategy in every part of the bank, in every sector of lending, whether that be agriculture or industry or water and sanitation, every department of the bank, whether that be public sector or private sector operations in every loan office's own objectives that climate should be mainstreamed in order to make it in everyone's incentives. And of course, last but not least, most importantly, we want to see Paris alignment and climate change mainstreamed into these banks responses to the COVID-19 crisis in order to ensure that we are working towards a more resilient, more just and greener recovery. So those are our ideas. We encourage all public development banks to really think about this to not dodge the difficult questions. We know that the multilateral development banks have committed to presenting a framework as soon as possible and committed to presenting a whole series of different reports around this by COP26, which of course was going to happen at the same time as the Finance and Common Summit. And therefore the Finance and Common Summit is the most logical time to do this. We are very pleased to see that this area is a priority for the UK presidency and UK Italian presidency of COP26 of the UNFCCC Climate Change Conference that's happening at the end of this year. And on that point, it is absolutely essential that we see real diplomatic engagement around finance and common. We want to see the French Foreign Ministry and the foreign ministries of other countries around Europe and around the world really helping to support this effort to bring this ecosystem of public development banks together in order to support government's efforts and the commitments that governments have made on climate change, on biodiversity, on sustainable development goals and on the COVID-19 recovery. E3G will shortly before the summit be publishing updated assessments of how the Paris Agreement alignment process is going as we see it in different multilateral development banks and other bilateral development finance institutions. So please do look out for the E3G climate tracker matrix. And finally, if you want more information on these or any other topics, please do follow the Big Shift Global Coalition. We're on Twitter and Facebook at Big Shift Global. And please do join us. If you're a civil society organization somewhere in the world interested in this area but maybe not totally sure what to do or how to influence the banks in your country, your local area or your region, get in touch and join us because we are working together as a community to support this process and it would be great to have you on board. Thank you very much and your seat back to you. Thank you. Thank you so much, Sonia, for your presentation. As I mentioned before, if you have any questions, please continue and post them on the questions and answer tab on the bottom of your screen. And now we'll move to Lori Vonderboer. And Lori will speak about the expectations of the High Ambition Initiative to phase out finance for all fossil fuels and related infrastructure and to just transition. Let me just introduce Lori. Lori is a senior campaigner at Oil Change International and she's focused on ensuring that just transition through moving government and public financial institutions away from financing and permitting the expansions of oil and gas. Before joining OCI, Lori worked at the Friends of the Earth, where she led the climate court case against Shell, filled on behalf of over 17,000 people. Prior to that, she worked with the Overseas Development Institute as a climate and energy researcher focusing on fossil fuel subsidies and energy access. Lori holds an LLM in Environmental and Climate Change Law from the University of Edinburgh and BSC in Liberal Arts and Science from Amsterdam University College. Lori also live in Amsterdam. So over to you, Lori. Thanks so much for that introduction, Yossi. I'm going to share my screen, so that will take me one second. We should all be able to see my slides now. Yeah. So first of all, I'd like to say thank you so much to 350 for organizing this webinar. I'm very excited to be on the panel today and also very excited that there is a great turnout for this webinar. I see that there are almost 80 people that have joined the webinar today. So like Yossi said, my name is Lauri von der Berg. I work as a senior researcher and campaigner at Oil Change International and Oil Change International is a NGO that is data-driven and people-powered and that works to expose the true cost of fossil fuels and to facilitate a just transition to clean energy. And on the webinar today, I'm going to be talking about one very concrete, key deliverable of the financing common summit that a growing group of NGOs is advocating for and this deliverable is focused on making sure that the summit delivers on ending fossil fuel finance and increasing support for a just transition for workers and communities affected. And it's something that Sonya of course also already alluded to in her presentation. So first I'm going to very briefly discuss the science that is behind this call for an end for fossil fuel, an end to fossil fuel finance. And then I'm going to explain that currently governments and public finance institutions are heading in the wrong direction. I'm also going to argue that oil, gas and coal are the wrong bet for a just recovery from COVID-19, not just from a climate perspective, but also from a sustainable development and economic sustainability perspective. And then I'm going to talk about how we make sure that we get public finance institutions to commit to ending fossil fuel finance at the financing common summit. So first of all, I'd like to share this graph with you. This is a graph that OCI produced for the first time back in 2016. And this version recently got updated by my colleague Kelly Trout and it uses the latest data from the IPCC and it's the rice.energy database. And this graph shows that the emissions in the coal and gas and oil reserves that are currently in production far exceeds the carbon budgets for staying below two degrees of double heating and also for staying below 1.5 degrees of double heating. So this tells us that if we want to stay within climate limits there is no space for expanding fossil fuel infrastructure and instead we need to rapidly move away from fossil fuel production and use and of course we'll need public finance institutions to support that transition away from fossil fuels. But if we look at what governments and public finance institutions are doing at the moment this is not yet going in the right direction. So on the left hand side you see a graph from the UNEP production gap report that was published in November last year which shows that governments around the world are planning to produce 120% more oil, gas and coal than compatible with a 1.5 degree limit. On the right hand side you see a graph that is taken from a report that OCI published in June this year that maps G20 public finance for energy and that shows that the G20 public finance institutions provide three times as much public finance for fossil fuels as for clean energy and the amount of support they provide for fossil fuels which is 77 billion a year has not dropped since the Paris Agreement was adopted. So as OCI were also part of a wider coalition of think tanks and NGOs that is currently working together to track recovery money flowing to energy and the data that we've gathered so far also shows that there's a lot of work to be done to ensure that recovery money supports the transition away from fossil fuels rather than props up fossil fuels. And this is really important is making sure that this shift happens and that's not just because of climate reasons but also because of economic sustainability and also because of energy access reasons and also for stability. We know that fossil fuels were already showing signs of permanent decline before COVID-19 hit. We know that investments in renewable energy generate more jobs than investments in fossil fuels and even if public finance institutions have long argued that investments in fossil fuels are needed to deliver on development objectives we see that the largest recipients of support for fossil fuels are not the poorest countries and where support does flow to low income countries it typically benefits the multinational corporations and wealthy donor countries over local populations sometimes causing human and indigenous people's rights violations and degrading health and the environment. What we've also seen with the impact of COVID-19 on the oil and gas sector is that reliance on such a volatile commodity can be very risky especially for low income producing countries. So whilst we've seen that the rich producing countries like the United States, Canada and Norway have been bailing out the oil and gas sectors and low income oil and gas producing countries do not really have that option while at the same time facing massive budget crunches because a lot of their government revenue is dependent on oil and gas. So that's clearly underlying that reliance on these volatile commodities is not the right way to get out of the COVID-19 crisis. So this is the moment to turn tide especially now that governments are deploying even more public resources to get out of the COVID-19 crisis and this is also there for the moment for public finance institutions and governments to get behind and manage the decline of fossil fuels with a just transition support for workers and communities. And fortunately we're seeing some banks that are showing leadership in this area and there are taking steps in the right direction here. So in November last year and Sanya also already mentioned this in her presentation, the European Investment Bank adopted its new energy lending policy by virtue of which it virtually excludes all oil and gas financing after 2021 and we're currently also awaiting an announcement from the UK government around ending overseas financing for fossil fuels. So that creates a really good opportunity to leverage that leadership and to set a gold standard for Paris alignments that can inspire other public finance institutions and governments to follow suit. So as a growing coalition of NGOs we have been advocating for this joint commitment around ending fossil fuel finance and increasing just transition support and we believe that if we get the diplomatic support from institutions like the EIB and AFT but also the COP26 finance team and the UK government, if we get their diplomatic support for this initiative, this is something that is achievable for the financing common summit. We have of course also included this call in our letters to the president of AFT and also to President Macron from Rémy Rieu, the president of AFT was that ending announcements around ending fossil fuel finance could be one of the key deliverables for financing common. So we do see this as an achievable objective. We have also identified a number of potential candidates for this high ambition initiative around ending fossil fuel finance but are of course also still looking to expand this list of potential candidates and we're working together with a growing group of NGOs to build towards this outcome and I've included a sign up sheet for those of you on the call that are working with NGOs and that are keen to get engaged in this work. So we think that this high ambition initiative should really set a gold standard for Paris alignment for other banks to follow and for this to be a gold standard we think it's to be ambitious and we think that it better be a small group of public finance institutions that can really lead the way we think that it better take that route than having a bigger coalition that is less ambitious and to set a gold standard we think that this joint commitment should include an immediate end to new fossil fuel investments and a phase out of all finance fuels direct and indirect by the end of 2021 we think that it should include a commitment to increase support for a just transition away from fossil fuels and we also think that this leading group of public finance institutions should commit to present by COP26 a detailed roadmap for full Paris alignment by 2023 so project and portfolio based and we think that that roadmap should be built on credible and robust scenarios that take a precautionary approach to negative emission technologies. I have a few other ingredients for a gold standard or for setting a gold standard listed on this slide and we also have some more details on all of these separate ingredients for a gold standard that is also linked on this slide. So yeah my final slide includes a number of links to resources that provide a bit more background on this initiative and the key ask that we're advocating for and I very much am looking forward to the discussion at the end of this webinar and to continue to work with those of you who have joined the webinar today and with the other panellists to making sure that the financing common summit is a success. So thanks so much for your attention. Thank you so much Lori. Let's just hope that what you indicated as high ambition will become the I would say the common ambition because that's what actually we need in order really to resolve the climate crisis of COVID-19. Now I'll move to the next speaker which is Lidi and Lidi will speak about debt which is an important issue when we are talking about expectations and from the summit. Lidi is the coordinator of the Asian people movement and debt and development and also a board member in our organization and so it's over to you Lidi. Thank you Yossi. Forgive me folks I'm not going to turn on my video maybe I will for a few seconds to say hello to everybody because hi because my internet is not so strong and it might cause a problem. So first I would just like to say that we are very supportive of all the things that Sonya and Lori has said because we are also very much active part of the climate and energy movement but as Yossi explained tonight I'm going to talk about the debt which should be one of the major issues in the agenda of the finance and common summit and how we understand it. COVID-19 has really brought a sharp focus on the problem a problem that has plagued many countries in the south for many decades and it's very important to understand the history and the importance of the debt. So I would like to start with some very important statements about the debt and it's very important to understand the history and roots of the debt problem in order to pursue the fair and just solutions but we don't have much time tonight to go into that history and the roots it's just important to emphasize tonight that it's not simply about southern government's propensity for borrowing and accumulating debt. It is as or even more important to understand it as a problem resulting from a legacy of colonization for many countries. Supply driven lending by creditors including public development banks or public financial institutions and just economic relations across countries including financial relations and transaction surrounding lending and borrowing. Next slide please. What is the most obvious and popularly important dimension of the debt problem is that debt payments have taken a huge share of public resources and have been prioritized by governments over health, education, housing and other services. But it's also important to point out that the impact of policy conditionalities accompanying loans and also in cases in the past accompanying debt has been and is as harmful if not more harmful than the debt service. The tight austerity measures involving fiscal and monetary policies, privatization of essential services, trade liberalization, currency and capital accounts liberalization to just mention a few. Next slide. Many debt movements in the south have also pointed out for many years that there is also the problem of illegitimate debt. This debt may have been contracted in our name and being paid with the use of our funds, public funds, but we refuse to acknowledge as debts of the people of the south because first there are debts we have not at all benefited from and have in fact been used to finance harmful projects in our list is fossil fuel projects, debts which have violated democratic processes and laws and we can mention a number of ways where democratic processes and our own internal laws have been violated, debts of private corporations but assumed as public liabilities and a number of that has to do with power and energy projects and debts which have come with highly onerous and unfair policies. Next slide. All these are part of the major reasons why debt has contributed to deepening inequality and injustice and why we are saddled with under finance and highly inadequate health systems and essential services, realities that have made the COVID-19 pandemic and the accompanying economic crisis and added to that the climate crisis is devastating. Next slide. The multiple crisis we are facing today offers opportunities for us to renew our efforts in calling for solutions to the debt problem. Those which offer immediate relief and those which will have more lasting impacts and will address the roots of the problem. Well, the COVID-19 has led to debt relief initiatives from lenders or creditors but unfortunately, the current offers very similar to the previous major debt relief initiatives of creditors in the last two decades like HIPIC, enhanced HIPIC, MDRI. These involve two few countries, two little amounts, very little actual relief and an overriding concern to make sure creditors are still paid and I'm just going to go very briefly into the two major debt relief initiatives that have been offered in the last few months. The next slide. There is the IMF which announced its debt relief initiative in April 2020. It will provide an initial 500 million. Let's remember the amounts to be provided through its catastrophic containment and relief trust to cover the debt payments for six months in 2020 of 29 countries considered to be the poorest. So the IMF will pay the debt payments of these 29 countries. That's another way of, that's one way of ensuring that creditors will still be paid. There's the G20 announcement within the same month, the debt service suspension initiative which involves simply a delay of debt service payments, not cancellation. From May 1, 2020 to December 31, 2020. Of course, there's discussions now in the G20 whether they want to extend this time a little bit more. Countries eligible to apply are those in the list of the World Bank's IDA list and the UN's list of least developed countries or a total of 78 countries, I mean 76 countries and all the eligible amounts to be covered is about 11 billion. So for now we have 11.5 billion dollars which is the offer for debt relief that is very clear. But only if you apply and several countries have not actually applied because there are consequences. Next slide. I'm just going to show in the next slide what is this 11.5 billion dollars as compared to what is the situation and I'm not going to go through all these amounts but just to say this graph shows you just the public debt of external debt of low and middle income countries throughout the different regions of the world which is now called the developing world and we're talking about more than 1 trillion of public debt, external debt and we're emphasizing that because there's still the domestic debt which is in many countries as large if not larger than the external debt. So that's more than 1.1 trillion and the offer is 11.5 billion of debt relief and some of it is not even relief, it's just postponing the payment. 11 billion of it is just postponing the payment. The next slide will show you what it is in terms of debt servicing. We're talking about a total of 371 billion of debt service so they're going to cancel 500 million they're going to postpone 11 billion but the total debt service that was paid in 2018 was 371 billion dollars almost 372 billion dollars so that's how small the amount that is being offered today. So just my last slide is about our demands to the public development banks, to the IMF to official multilateral and bilateral creditors many of them are public financial institutions and public development banks but also our demand to the private sector who has led to governments to make a public debt. So the first is deeper, wider public or in other literature they're referred to as sovereign debt cancellation for all vulnerable countries low and middle income. Right now they're only talking about low income and they're only talking about liquidity and insolvency problems but that's not the only it's a very narrow framework for what the problems are. So we want to make sure that our government will spend the savings for appropriate measures to the multiple crisis health, economic and climate change. We are also saying no to loans as a form of COVID-19 fiscal response measures. So the little up and down we want to ensure that our government will spend the savings for appropriate measures for fiscal response measures. So the little amount of debt relief is even further dwarfed by the huge amount of loans being offered as a form of fiscal response measures to COVID by the World Bank, by other public development banks like the ADB, by the IMF and so on. We're also asking for a UN process to address un-sustainable and illegitimate debt. And debt audits by lenders and borrowers so that we can actually see what are these debts that are being collected and why we need to have them cancelled for both in terms of unsustainability and the nature of these debts as illegitimate debts. And then moving forward it's not just about the outstanding debt stock that we have but about accumulating further unsustainable and illegitimate debt. So we're asking for the adoption of international and national rules for fair, just and democratic lending and borrowing processes and contracts. So I think that's in a nutshell what many of the debt movements are about. Thank you. Thank you so much, Liddy. So now we will move to our next speaker which will talk about expectations from the Global South on the summit and specifically on human rights. Our next speaker is Carla Garcia Zanbejas and she's the director at the Center of International and Environmental Law. She leads legal strategies and accompanies the communities in seeking remedies for their litigation and complains accountability mechanism and international litigation. Recently this included advocating against development projects which threaten communities with human rights and the environment through an extractive industry large scale infrastructure and energy projects in Latin America and Europe. Carla is an environmental attorney from Mexico with more than 20 years of experience in the field. So over to you Carla. Thank you. Thank you so much, Yossi and everyone. It's very good to be here and to have some time to reflect. So this is your last presentation you'll have to see. So I encourage everyone to take a breath as we dive in. This is if you only take one thing from my presentation it's this title that in 2020 we can't have a global development summit without human rights. We can't talk today about everything you have heard about about the leveraging of private finance the interest of finding solutions through development banks through public development banks and governments and policies and how we will be managing debt in the future without using a human rights lens and vision to figure out how we are going to do this. I'm here, yes. I'm part of the Center for International Environmental Law and I'm speaking on behalf of the Coalition for Human Rights and Development which is an organization that brings together 98 at the moment movements grassroots organizations, community and civil society organizations from around the world who have been working for several years and some for many more to incorporate human rights into public development banks for many years. We have a lot of work done for decades this coalition is not that old but it came to when the World Bank was reforming its safeguard policy with the specific goal of putting human rights into those policies and bringing that into those policies and I want to show you why. Next slide. The coalition quickly found that really questions development projects and does it throughout the world has some sort of reprisal against them. Some of these reprisals may only be public statements but in some cases there have been assassinations massacres and just plethora of human rights violations and the uncalculated risks report from a couple of years ago that you can access at this link rightsanddevelopment.org Next slide. We will show you how we see the same things in communities throughout the world the harassment, the intimidation the aggression against community members funded by these public development banks that will be coming together next month happens too often and too often these issues that we've seen and these violations basically start when people voice their opinions. Next slide. The report analyzed 25 cases from around the world and we saw very similar situations in the US European investment bank African Development Bank IFC International Finance Corporation World Bank Inter-American Development Bank I encourage you to go to the website and look at all of these very detailed analyses of 25 cases. Next slide. You will have heard about them and ultimately what the report was meant to provide was information about how these reprisal issues coming out of development projects and proposals and policies are widespread but what it also did was proposed changes at development banks in policy and in practice. Next slide. About the findings unfortunately these public development banks continue to finance projects that cause harm even though they have a duty to respect human rights that has been recognized. We can debate that in another session but I'm not even going to go into that question today. The links that we've seen with funding has also been documented and it basically starts when someone is called for example anti-development. Next slide. When this lack of consent and consultation sometimes happens is in specific projects just the lack of inclusion of communities in the city the projects that will affect their lives and livelihoods will also have a reaction for communities where reprisals begin. These development banks have the leverage, have the ears of the governments that they are supporting yet in many cases they do not do anything to stop or to indicate that these reprisals are not accepted. There have been many years of advocacy as I've said. Several banks have policies on zero tolerance against reprisals but much more is needed. So again in 2020 as we all face the pandemic and the impacts be them economic, social in our health, in our livelihoods we cannot have a type of global summit that brings together all these public development banks and let it be business as usual. We cannot expect that the solutions that are expected to touch on or move prosperity and resiliency cannot move forward without the voices of communities that have themselves become tremendously knowledgeable not just about their rights but about the policies that are meant to be put in place or the projects that are meant to be implemented in their communities. So next slide. What we as the coalition and 200 organizations have sent a letter already requesting that human rights should be the focus of the public participation and protection of civil society space. You only need to look at a few news pieces a day to see this closing of civil society space the violence against people expecting to voice opinions and opposition against policies against any type of decision that is being imposed by governments throughout the world. So communities who are again knowledgeable who know what their priorities are should be at the table should be there contributing to agenda and discussions. Next slide. So these are again efforts from a number of organizations throughout the world in the last few years. We have a number of organizations in Latin America who have expertise and specific recommendations on what changes need to be had in mandate and governments in policies and practices internal culture which is one of the most important things without a change in mentality we can't expect the evolution of thought that's necessary to come up with different solutions for the future. So in terms of public development banks governments and key actors has to change. Next slide. So in following you specific recommendations again about public participation about the inclusion of indigenous peoples and respecting their right to free prior informed consent the closing of civil society space the zero tolerance on reprisals. Next slide. So the next slide. Thanks Laurie, Sonya already mentioned the issue of the climate urgency and how what is defined as that sustainable development that we all want but with the needs of marginalized peoples to be met when we make those decisions about what needs to happen. So I think that those decisions should not contribute to violating even more human rights. Next slide. So again policies about due diligence and contextual risk how private sector clients should also adopt human rights environmental standards these are things that are already happening but they have to be a part of the conversation and they have to be a part of the conversation. So I think that we can even deliverables that are coming out of the summit to be able to take all of these into account. Next slide. So next click. So again all of this has to do with communities that are affected in the case of Columbia that just came in and they have to take into account that there is no terror in their opposition to this dam in Columbia and this just shows that COVID has exacerbated their vulnerability because of isolation and it has exacerbated their needs as they try to face the same challenges that they have been facing. So I think that there are very large infrastructure projects for example that are chopping away at their environment and how they can move forward will really depend on decisions that are being taken today. Next slide and last slide. So as part of this coalition we truly invite the public to consider the amount of knowledge that exists on the ground communities, organizations, grassroots and human rights defenders that are feeling firsthand the impacts of the COVID pandemic and the economic consequences that it comes with are a reality. And if we don't include these people in the conversation if we don't include communities in the conversation it will be the same type of solutions for the problems that we are all facing. Without a change in mentality, without an evolution of thought we're not going to get a different response and therefore only worse and exacerbated vulnerable communities will be affected by all of these decisions. It can be done in a better way. It can be done. Here is the information about the coalition and I look forward to a conversation about questions that you may have. Thank you so much, Carla. I think it's even more important in these days that when we see different governments around the world are actually violating people's rights to self-expression and sort of organizing people to express themselves in a way that's more difficult than this time. So definitely really an important issue to highlight at the upcoming conference. And I would like to move to actually our last speaker today in this panel. It's Nancy Sage from the European Investment Bank and she will talk about Investment Bank about their expectation from the summit just to say that the European Investment Bank moved to exclude all fossil fuels a few months ago so definitely one of the most progressive when we are talking about this stuff. Let me just introduce Nancy. So Nancy Sage is a chartered civil engineer who is specialized early in her career and she is one of the most specifically important coastal work. 25 years ago she became involved in the discussion in the maritime engineering industry on the challenges of incorporating climate change impact into the design guidance of maritime project. This was the beginning of her close interest in climate change after 13 years working as a consulting engineer she joined the European Investment Bank in 1998. She is the longest standing member of the Bank's Environmental Assessment Group providing banks projects team with due diligence support of environmental and climate matters on a wide range of projects funded by the bank. She is also a founder member of the Bank's Directorate Climate Working Group. Nancy has specific role at the EAP's Chief Climate Change Expert to cover MDP's climate finance definition and impact reporting including the carbon footprint of the bank's project portfolio. Most recently since 2018 Nancy is a member of the EU TAG which is the technical expert group of sustainable finance. So over to you Nancy. Just to check can you hear me well? Can you hear me? Okay great thank you. So thank you very much for inviting me here. I want to just talk a bit first about what the previous speaker was talking about because I think this is so important about all the previous speakers have made very important points and you've invited me here to talk about the high level event on climate change which is part of the FIC summit which the EIB is happy to be coordinating and leading and where we hope indeed to have really big steps forward in public development banks ambition on Paris alignment and on action on Paris alignment not just statements on Paris alignment. But I think it's important to touch on several of the points that have been made. Probably I could spend my 10 minutes just responding to them all but particularly just talk about the previous speaker because one of the most important things about the taxonomy actually which makes a big difference in the world of green finance is setting this very clear standard that you cannot call anything green finance unless it's making a substantial contribution to an environmental objective which is hardly surprising but also not causing significant harm to any of the environmental objectives and minimum social safeguards. So really highlighting that any climate or green project that is transgressing human rights, undermining people's land rights or their right to complain or their right to livelihoods or right to any other principle whether it's life itself but education health, it takes away the right to call that a green project or to call it green finance and this is really, really important as there becomes a drive to use concessional finance for climate projects which is very important indeed to accelerate the low carbon transition and to build resilience. There is this huge inherent risk that climate should somehow overrule human rights or overrule local complaints because there's a global good and indeed sometimes there will be trade-offs locally versus a larger global benefit but they need to be looked at in a very transparent way and the local community and people affected have every right to comment on that and have every right to be taken account of in the decisions that are made and the fact that it's a climate project should in no way overrule any of those rights or good practices that should be there in any development project. So I think there are moves afoot which sounds a bit weird to say that the EU taxonomy might help with this but as everybody starts to try to accelerate their green finance I think setting this very clear marker that not only do you have to have solid social safeguards but also not harm other aspects of the environment it's also not okay to have a wind farm in a national park and take no account of the biodiversity impact and say that that's okay because it's a climate project. So I just want to put that on the table I also want to say that obviously we were in that report and we had a couple of projects in there which were EIB funded we take that report and other reports very seriously and in fact our social team worked with the president's office and the president made a pledge last year of zero tolerance of reactions and responses to complainants. So it's a step we have other things we can do there are always things we can do better and in fact we have next year we will be doing a full public consultation of a revision of our environmental and social policy safeguards and standards but I would invite you all to contribute to that when that kicks off. So having said that I'm going to talk a little bit more now about climate which is really my area of expertise so yes the EIB has already last November decided and approved by its board to stop funding fossil fuel projects in terms of gas oil infrastructure etc. We had not actually done coal for a long time because coal was excluded in our previous energy lending policy but the real big change that we made was that we have a non-fuel specific standard for eligibility for any of our funding and it's called the emissions performance standard and it was 550 grams per kilowatt hour in the 2013 energy lending policy which effectively excluded coal and diesel but in the energy lending policy from last year this was brought down to 250 grams and that effectively excludes all clean vanilla greenhouse gas natural gas power projects This is a really important step forward there was a huge discussion in our board with different views but in the end there was an overwhelming majority and this basically means that in fact it's not just from the end of the next year Any new project coming to the bank from November onwards was already ineligible if its emissions were above 250 grams per kilowatt hour So where does this leave us for the high level event at the FIC? Well obviously it's not enough for EIB to just give lots of examples about what it's doing What we want to do is try and bring together a movement of banks that are all doing more and really looking at Paris alignment of their activities holistically So this includes more finance of what really helps so climate finance, it includes indeed making sure that all the things we finance are compatible with the Paris agreement It includes just transition which somebody asked a question about which normally really refers to creating new livelihoods new jobs and economies fit for the future in areas which are currently the jobs are all in fossil fuel or high emitting industries which need to close down or phase out So this is what we're hoping to do There is a lot of discussion about what kind of examples we can give My sort of topic for the high level event is Paris alignment moving from commitments to action because I think it's important that we start to see as Sonia said, some firm dates To get a real change in an organisation you've got to put pen to paper and say this is the date we're going to do it by Our president made a commitment in 2018 that he was confident we could do it by the end of 2020 Last year in November the board said we should do it I can tell you we are working flat out and it is not easy even in somewhere as big as the EIB to do this, but we are working to have everything Paris aligned by the end of this year So exactly what we want to do is bring other players together to try and really push ambition on this, on the Paris alignment agenda of public banks and we're hoping to bring in some examples from commercial banks and other players who are also doing this to show it's not really just public development banks but that if public development banks don't address this they're in danger actually of being left behind by some of the more ambitious commercial banks So I'll stop there, but maybe I can answer questions on that part of the FIC summit and I should say that I'm only responsible for that one hour and not the whole summit I really hope that sort of our other banks will follow your directions and will soon also feel this one as possible Just for the rest of the panel we are running a bit late so we will continue for another five minutes beyond the original time and we'll go now to sort of questions and answers So should I hand it over to you Clemens in terms of presenting some of the questions Hello everyone So we have questions around depth for Lydie and Audrey So who is raising support for depth swaps and also do you expect major further announcements on depth relief at the summit? Yeah, I'll be quite brief depth swaps of course is part of the menu of options or instruments that can be used that could provide some measure of depth relief and also mobilize resources for specific things like climate or the energy transition or social services or environment but we don't endorse depth swaps as like a general thing because depth swaps can either be not very helpful at all or can be helpful very much depends on the design of the swaps and the purpose of the swaps so because there's also depth to equity swaps that's just equity investments in some other projects So it's there as part of the menu of instruments but not as a general call for depth swaps something like that because you need to be very careful about the design of the swaps And the second question, are we expecting anything from the summit? Well before the summit there's some key processes going on right now that also involves some of the development banks, the major governments that affect the voting in these banks actually the voting the decisions are very much on the creditor side so we're not yet very sure if there's going to be a major announcement on the debt that will be of significant difference from the current debt offer so there might be in terms of extending the suspension period or extending a few more months not likely widening the circle of countries that will be given declared eligible for the debt relief they're very insistent on a very narrow measure of which countries are actually in debt distress Thank you so much Lili Clement, do you want to take it another question? Yes, I'm sorry because we are running over time so there are lots of very interesting questions I'm going to pick two that are addressed to Audrey Rochka as well so will the joint declaration likely include commitments on reporting transparency by public development banks going forward so that there will be a way to measure PFI's delivery on what they promise at the summit and then there is a second question around biodiversity and how it will be looked at in the summit because we heard that there may be a high level events and so there is a question on how it is being shaped Okay, thank you very much for the question We are two months ahead of the summit however the deliverables are not yet finalized so the declaration is at the stage of very first draft it will be shared by the end of the week with our public development banks partners so for now it includes what you have seen in July I shared with you all the outline of the declaration I have received many inputs on this draft outline I have included them all but now it's in the hand of the banks so we will discuss it by next week and the week after and I think I can come back to you since you are part of the executive committee in about I would say one month to share with you the first draft of the now we are with the V0 and after the banks are consulted we will have the V1 in about one month and I will be able then to share with you what it includes or not but at this stage I have taken into account all the inputs I have received on the biodiversity site we have actually one high level event on biodiversity we are still working on it it's a lot of work we are shaping it slowly with the interested banks it's the same sorry about it it's not finalized yet I will share information as soon as I have it again I think in about one month we will have the next executive committee and share the documentation thank you for your answer I have a question for Carla now so a participant is asking I am wondering if the demand goes beyond FPIC and differentiates human rights and indigenous rights to ensure that it's more comprehensive and more accessible to the communities that MDB's practice exacerbates of course thank you and I think this was Eddie I think I responded in writing so if you are running low on time definitely there is a differentiation precisely because of the reasons that you pose for the marginalization of indigenous communities so there is a difference and a higher standard so I will cut it there but it's in writing as well thank you any more questions? there is really one question that I don't know who will want to answer but about the business model of public development banks I can start if possible the issue of de-risking and the definition of de-risking is very concerning to us specifically at CL but many others because de-risking makes deregulation it means changes in policy in countries to allow to create the enabling environment for finance to come in and this is a great concern with consequences that we've seen for example in Peru where the issue of the paquetazo this block deregulation and reform that happened creating flexible avenues and fast tracking environmental impact assessments etc or creating faster processes to allow for permitting that then enables development projects for policies to move forward and in many of these cases we've seen how the changes in policy have come from World Bank policy projects or development policy loans as they're called that change the infrastructure and change the policy structure of a country to allow for different types of investments is a great concern because it's seen as de-risking but only for corporations de-risking for investment and development direct investment to come in but the de-risking has nothing to do with communities themselves and so it is a concern that we have pointed out precisely because of the reasons that I expressed during the presentation thanks a lot and let's go for final one for Nancy so do you have ideas on how to address some of the finance pathways supported by MDBs that are non-transparent for instance non-bank financial institutions MDB funding of government funds issuing bonds for infrastructure etc so yes I just I wrote an answer but I will repeat it there the MDBs when they published their Paris alignment framework at Katowice they put six building blocks and the fifth one is reporting and it is about measuring and reporting your climate impact because if you don't know what it is you can't do anything about it so this is not your buildings and your travel which is covered in putting your own house in order it is about your operations and the other part of it is about transparently reporting on the Paris alignment of your activities now the Paris alignment framework is clearly for all types of financing and MDBs have we did some panels at the last COP looking at the methodologies we were adopting for projects and we made clear also in New York that we would be working then on public development financing but of course that still doesn't cover all the types of financing you have policy based lending you have guarantees you have funds and it is important that any organization that is setting itself to be to align its financing must cover all the types of financing so I would just maybe double down on my suggestion that the date that you're going to aim for an organization whether it's a public development bank or any other organization to be to align or your financial flows is important and then building block 5 on transparent reporting accountability on Paris alignment is just as important and that should enable you or any other parts of civil society or shareholders or stakeholders to insist that an entity whether it's an MDB explains clearly how it is going to address Paris alignment in all types of financing so I would just come back to you know if there's two things to be really asking for it's a clear date and it's transparent accountability for all types of financial flows including by the way Treasury you're the in-house Treasury may I jump in and just echo and say here here to what Nancy just said because all types of financing is key and just to acknowledge that the changes that you mentioned we recognize definitely and we've seen that some public development banks are working mindfully for the future some are not and that I think is the difference Nancy that you pointed to that this is the concern of the European banks for example with the World Bank because it's older because it's stagnant and because it's traditional ways of thinking of this very monolithic bureaucracy are not allowing it to move whereas many of the European banks are changing the ways that they perceive things and moving forward so just to highlight that I think it's over time and I think we will close our webinar here just before closing I just wanted to thank you all the panelists I mean like it was great to see all of you here and hear from you about sort of the various expectations and about the finance and common summit itself thank you a lot for joining us for all the audience for joining us and listening questions and listening and I urge you to look into upcoming webinars there is a webinar that will happen next week and we will share the information about the webinar next week with all of you as well and I urge you also to participate in various events and things that will happen that will lead up to the summit that will happen on November 10th so we'll close here thanks again for everybody and hope to see you either on the streets or in signatures or any other place thank you thank you very much bye