France welcomes results of Climate Finance Forum
Paris, April 1, 2015
An agreement on the accounting of finance linked to the reduction in greenhouse gas emissions
Laurent Fabius, Minister of Foreign Affairs and International Development, and Michel Sapin, Minister of Finance and Public Accounts, emphasize the very encouraging results of the Climate Finance Forum organized by the International Development Finance Club and hosted by the French Development Agency with the support of the World Resources Institute.
An agreement was reached on common principles for the accounting of finance linked to the reduction of greenhouse gas emissions. Progress was also made on the accounting of finance for adapting to climate change and the leverage effect of public finance on private finance; an agreement remains to be reached by June.
Michel Sapin specifies that “this stage may appear technical, but it was essential to agree on common principles so that the development banks could very swiftly present a precise inventory of their funding for the fight against climate change”. Together with his Peruvian counterpart, he recently invited the development banks to set quantified climate funding targets to benefit the countries of the South.
Laurent Fabius adds that “this forum was an important first stage in preparing the financial side of the COP21, particularly in relation to the commitment made by the developed countries at the Copenhagen summit in 2009 to jointly raise $100 billion a year of public and private money from 2020 onwards for developing countries”.
The Spring Meetings of the World Bank and IMF, from 16 to 18 April, in which Michel Sapin will take part, will provide opportunities to continue this momentum and further galvanize the international financial institutions to combat climate disruption./.
The Climate Finance Forum organized by the International Development Finance Club (IDFC), the largest network of international, regional and national development banks, seeks to bring together a multitude of public and private climate finance practitioners from across the world, to foster climate action in developing countries and regions.
Following the UN Climate Summit of September 23, 2014 and COP20 in Lima in December 2014, the Forum will discuss climate finance tracking methodologies so as to better estimate current flows in developing countries and promote transparency. The event will also determine ways and means to promote the « greening » of practices of the financial community in the fight against climate change, and increase the leverage effect of public finance on the mobilization of private and institutional investment in the area of climate change (commercial banks, institutional investors, pension funds, insurance companies, …).
The Forum will aim at delivering concrete outcomes and next steps, and highlighting the positive momentum of a coalition of financial actors on the road to COP21 in Paris in December 2015. In doing so, the event will also showcase valuable experiences and lessons, strengthen dialogue, collaboration and coordination, and share the latest thinking and analysis related to climate change finance in developing countries.
A high level session will present the main outcomes of the Forum.
The event is hosted by the Agence Française de Développement (AFD) with support from the World Resources Institute (WRI).