Research Projects

The project is supported by a 128 Collective Grant.

Researchers

Thomas Marois, Principal Investigator, McMaster University, Canada
Ali Riza Güngen, Co-Investigator, McMaster University, Canada
Jacob Stewart, Researcher, McMaster University, Canada

Purpose

To advance research and policy action on public-public collaborations, including among public banks, public services, and community organizations to finance green & just transitions at the pace, scale, and terms required for equitable sustainable transitions.

Research Outputs

• Güngen, Ali Riza and Marois, Thomas (2025). ‘A Municipal Development Bank for Canada?’. PBP Evidence Brief. No. 2025/05, McMaster University, Canada: Public Banking Project.
• Ibhawoh, Bonny, Marois, Thomas and Güngen, Ali Riza (2025). ‘The Right to Development and Climate-Aligned Public Development Bank Financing’. PBP Evidence Brief. No. 2025/04, McMaster University, Canada: Public Banking Project.
• Marois, T., Woolford, J., Güngen, A.R., Marodon, R. (2025). ‘Realizing the Potential of National Development Banks to Boost Sustainable Development Financing with MDB Support’, AFD Research Papers. March 2025. Agence Française de Développement & McMaster University, Public Banking Project. 36 pages.
• Marois, T. and Güngen, A.R. (2025). ‘Fostering a Global Ecosystem of Public Development Banks’, PBP Evidence Brief. No. 2025/03, McMaster University, Canada: Public Banking Project. 2 pages.
• Güngen, A. R. and Marois, T. (2025). ‘Public Commercial and Universal Banks’, PBP Evidence Brief. No. 2025/02, McMaster University, Canada: Public Banking Project. 2 pages.
• Marois, T. and Güngen, A.R. (2025). ‘Public Development Banks’, PBP Evidence Brief. No. 2025/01, McMaster University, Canada: Public Banking Project. 2 pages.
• Marois, T., Güngen, A.R., Steinfort, L., Romero, M.J. (2024). ‘Fostering a Global Public Financial Ecosystem for Development and Climate Action’, T20 Policy Brief. G20/T20 Brasil 2024. 16 pages.
• Güngen, A.R. and Marois, T. (2024). ‘Public Banks 101: An Introduction’, PBP Evidence Brief. No. 2024/01, McMaster University, Canada: Public Banking Project with Climate and Community Institute. 2 pages.
• Marois, T. and Güngen, A.R. (2024). ‘The World of Public Banks’, PBP Evidence Brief. No. 2024/02, McMaster University, Canada: Public Banking Project with Climate and Community Institute. 2 pages.
• Spronk, S., McDonald, D.A., and Marois, T. (2024). ‘Public Banks and Public Water in the Global South’, PBP Evidence Brief. No. 2024/03, McMaster University, Canada: Public Banking Project and Municipal Services Project. 2 pages.
• Marois, Thomas and Güngen, Ali Riza (2024). ‘Public Development Banks’, PBP Evidence Brief. No. 2024/04, McMaster University, Canada: Public Banking Project. 2 pages.
• Marois, Thomas, Güngen, Ali Riza, Steinfort, Lavinia, Romero, María José (2024). ‘Input for UN Finance for Development Elements Paper: Fostering a Global Public Development Bank Ecosystem for Sustainable Development and Climate Action’, PBP Policy Brief. No. 2024/01, McMaster University, Canada, Public Banking Project.

The project is supported by a Social Sciences and Humanities Research Council (SSHRC) of Canada Insight Grant, hosted by the Municipal Services Project, Queen’s University, Canada.

Researchers

David McDonald, Principal Investigator, Director of the Municipal Services Project (MSP), Queen’s University, Canada.
Susan Spronk, Co-Investigator, Associate Director MSP, University of Ottawa, Canada
Thomas Marois, Co-Investigator, Associate Director MSP, McMaster University, Canada

Purpose

1. Advance theoretical and empirical knowledge of public banks financing public water operators by assessing and documenting their diverse experiences;
2. Identify best practices of public bank/public water collaboration as it relates to supporting equity-oriented water services to assist in policy development and implementation for improved financing;
3. Strengthen the interface between the public banking and public water sectors by facilitating knowledge sharing to help bridge these largely divided research and policy arenas;
4. Train and mentor students, emerging scholars and practitioners to build capacity for policy-relevant interdisciplinary research on the topic and for knowledge mobilization beyond the grant period.

Research Outputs

• Marois, T., McDonald, D. and Spronk, S. (2025). ‘The Future of Public Water is Public Banks’, Water International. (50) 5: 416-425.
• Marois, T., McDonald, D.A., and Spronk, S. (eds.) (2025). ‘Public Banks and Public Water in the Global South: Financing Options for Sustainable Development’, Abingdon, UK: Routledge. Open Access.
• Marois, T., McDonald, D.A., Spronk, S. and Marshall, W. (eds.) (2024). ‘Bancos públicos y agua pública’, Ola financiera, No. 49 septiembre-diciembre 2024. [A collection of 7 articles on public banks/public water published already in English and translated into Spanish.]
• Spronk, Susan, McDonald, David, and Marois, Thomas (2024). ‘Public Banks and Public Water in the Global South’, PBP Evidence Brief . No. 2024/03, McMaster University, Canada: Public Banking Project and Municipal Services Project.
• Marois, T. and McDonald, D.A. (eds.) (2023). ‘Public banks, public water: exploring the links in Europe‘, Abingdon, UK: Routledge. 202 pp.
• McDonald, D.A., Marois, T. and Spronk, S. (2021). ‘Public Banks + Public Water = SDG 6?’, Water Alternatives, 14(1): 117-134. Open Access.

The project is supported by a co-research agreement between the Agence Française de Développement (AFD) and the Public Banking Project, McMaster University (with 128 Collective support).

Researchers

Thomas Marois, Principal Investigator, McMaster University, Canada
Régis Marodon, Co-Investigator, Agence Française de Développement, France
Jacob Stewart, Co-Investigator, Researcher, McMaster University, Canada

Purpose

The purpose of the study is to research and describe the existing interfaces between a set of national development banks (NDBs) and related multilateral development bank (MDBs) in five continents. The research focuses on the NDBs. The results should contribute to understanding limitations affecting public development bank capacities to increase the volume and quality of NDB sustainable development financing from MDBs. The project has provided research inputs for the annual Finance in Common Summit of public development banks (2024 & 2025) and for the United Nations 4th International Conference on Financing for Development (FfD4) in Sevilla, Spain (2025).

Research Outputs

• Marois, T., Woolford, J.,Güngen, A.R., and Marodon, R. (2025). ‘Realizing the Potential of National Development Banks to Boost Sustainable Development Financing with MDB Support‘. AFD Research Papers. No. 345. Agence Française de Développement (AFD). 50 pages.

The project is supported by a The Montreal Group research grant.

Researchers

Thomas Marois, Principal Investigator, McMaster University, Canada
Phil Faanu, Co-Investigator, McMaster University, Canada

Purpose

To conduct a review of the literature to propose future research guidelines around public development bank sustainable financing for micro-, small-, and medium-sized enterprises.

Research Outputs

Faanu, P. and Marois, T. ‘Researching Public Development Bank Finance for Micro-, Small-, and Medium-sized Enterprise Climate Action’, Montreal: The Montreal Group. April 2024. 32 pages. (Internal report).

The project is supported by a Service Employees International Union (USA) research grant.

Researchers

Thomas Marois, Principal Investigator, McMaster University, Canada
Adam Zvric, Co-Investigator, McMaster University, Canada

Purpose

To conduct a review of the literature to support the policy process for social impact of publicly provisioned no-cost savings accounts in California.

Research Outputs

• Zvric, A. and Marois, T. (2025). ‘Supporting Financial Inclusion Through Fee-Free Bank Accounts: Evidence from Around the World’, PBP Policy Brief. No. 2025/01, McMaster University, Canada, Public Banking Project.

The project is supported by a United Nations Conference on Trade and Development (UNCTAD), with support from United Nations Development Programme, Viet Nam.

Researchers

Thomas Marois, Co-Principal Investigator, McMaster University, Canada
Uli Volz, Co-Principal Investigator, SOAS University of London, UK

Purpose

To research and provide guidance to the Government of Viet Nam on creating a new public climate bank.

Research Outputs

Marois, T. and Volz, U. (2024). A Climate Bank for Viet Nam to Catalyze Green and Just Transitions. 2024 UNDP Policy Brief Series. United Nations Development Programme Viet Nam (in collaboration with the United Nations Conference on Trade and Development, Geneva).

The project is supported by a Agence Française de Développement (AFD) research grant.

Researchers

Thomas Marois, Principal Investigator, SOAS University of London
Régis Marodon, Co-Investigator, Agence Française de Développement, France
Jacob Stewart, Co-Investigator, SOAS University of London

Purpose

The purpose of the study is to research and map the interrelations between multilateral development bank (MDBs) and national development banks (NDBs) in five continents in order to understand the potential for MDB-NDB collaboration for sustainable development finance. The project supports research inputs for the annual global Finance in Common Summit of public development banks.

Research Output

Marois, T., Stewart, J., Marodon, R. (2023). ‘From Multi- to National- and Back Again: Realizing the SDG Potential of Public Development Banks’, Agence française de développement (AFD) Research Papers, No. 267. 31 pages.

The project is supported by a European Network on Debt and Development (Eurodad) research grant.

Researcher

Thomas Marois, Principal Investigator, SOAS University of London

Purpose

To provide an evidence-based CSO position paper on the new Development Branch of the European Investment Bank.

Research Output

Marois, T. (2022). ‘Shaping the Future of EIB Global: Reclaiming Public Purpose in Development Finance’, Eurodad Policy Brief.

The project is supported by a Public Services International research grant.

Researcher

Thomas Marois, Principal Investigator, SOAS University of London

Purpose

To work with PSI to develop a global trade unions position on public banks.

Research Outputs

Marois, T. (2023). ‘The potential of public banks to fund local quality public services: A policy brief for workers and trade unions’, Public Services International. 44 pages.

The project is supported by a United Nations Conference on Trade and Development (UNCTAD) grant, building on initial support from The Municipal Services Project.

Researchers

Thomas Marois, Co-Principal Investigator, McMaster University, Canada
Diana Barrowclough, Co-Principal Investigator, UNCTAD

Purpose

To co-coordinate a Special Issue journal on Public Banks, Public Purpose, and Covid-19.

Research Outputs

• Barrowclough, D.V. and Marois, T. (eds.) (2026). Public Banks and Public Purpose: From Short-Term Crisis Responses to Long-Term Climate Prospects. Abingdon, UK: Routledge.
• Review of Political Economy. Public Banks and Public Purpose: A Symposium. Volume 37, Issue 3.
• Barrowclough, D.V. and Marois, T. (2025). ‘Public Banks and Public Purpose: From Pandemic Responses to Future Climate Prospects’, Review of Political Economy. 37(3): 887-895.
• Marois, T. (2025). ‘Public Development Banks as Essential Infrastructure: The KfW, Covid-19, and Public Purpose’, Review of Political Economy. (37)3: 1011-1035.

The project is supported by a Canadian Union of Public Employees (CUPE) research grant.

Researcher

Thomas Marois, Principal Investigator, SOAS University of London

Purpose

To provide expert advice and evidence-based contributions to CUPE’s submission to the CIB’s 5-yr Review in summer 2022.

Research Output

• Marois, T. (2022). ‘A bank for the public interest: Recommendations for the Canada Infrastructure Bank five-year review’, Commissioned by the Canadian Union of Public Employees. 30 pages.