Public Banks and Public Purpose

This book examines the resurgence of public banks and their critical role in addressing global climate and development related challenges. Drawing from the lessons of the 2008-09 financial crisis, the implementation of the UN Sustainable Development Goals, and most crucially, the COVID-19 pandemic, it provides a comprehensive analysis of how public banking institutions can effectively scale up and deliver climate-aligned development finance, at affordable rates and favourable terms.

Through diverse case studies spanning national and multilateral public banks across both wealthy and developing regions, the volume employs multidisciplinary approaches and mixed methodologies to evaluate their capacity, mandate fulfilment, and accountability mechanisms. The research illuminates the complex power dynamics that determine who benefits from public banking initiatives and offers evidence-based insights for strengthening these institutions’ ability to serve the public interest in the face of climate challenges.

This volume will appeal to a diverse readership including policymakers and government officials involved in development, financial regulation, and climate policy; academics and researchers in economics, finance, political economy, business, and sustainable development; professionals working in public, private, and development banks; climate activists and NGOs focused on sustainable finance; and graduate students studying public finance, development economics, sustainability, and climate policy. The book provides valuable insights for anyone interested in understanding how public financial institutions can be leveraged to address the pressing challenges of climate change while promoting equitable development outcomes.

Author Biography

Diana V. Barrowclough is a Senior Economist at United Nations Trade and Development (UNCTAD). Her research focuses on development finance, regional integration and cooperation, and sustainable economic policies. She has co-edited and authored numerous UN and other publications, including Southern-Led Development Finance: Solutions from the Global South (2021) and South-South Regional Financial Arrangements: Collaboration Towards Resilience (2022)

Thomas Marois is Professor of Political Economy, Canada Research Chair in Public Banking, and Director of the Public Banking Project at McMaster University, Canada. His research investigates the role of public financial institutions in addressing climate change and promoting equitable development. He is the author of the award-winning Public Banks: Decarbonisation, Definancialisation, and Democratisation (2021).