| Summary: |
This paper discusses the rediscovery of public banks and their potential—to finance low-carbon, climate-resilient development, and as a public sector alternative that can overcome the shortcomings of the private sector and market approaches mentioned above. The paper suggests an ideal-type public bank that would be needed for a green transformation that is also in the public interest. The ideal type is crafted around five central features: mandated role; financial sustainability; operational strategy; democratization of governance; and integral integration of workplace and community. The defining characteristics of each feature can be found in existing public banks.
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