France welcomes $100-billion climate finance roadmap
Climate – Paris Agreement – Joint communiqué issued by the Ministry of the Environment, Energy and Marine Affairs and the Ministry of the Economy and Finance
Paris, 17 October 2016
Mme Ségolène Royal, President of COP21, received the OECD’s report on projections of climate finance. Together with Michel Sapin, Minister of the Economy and Finance, she welcomes the publication of the developed countries’ roadmap for mobilizing $100 billion of climate finance per year to developing countries by 2020.
In Copenhagen in 2009, developed countries pledged to mobilize $100 billion a year of climate finance to developing countries by 2020, from a variety of public and private sources.
At the Paris Conference, and thanks to the impetus of the French COP21 presidency, ambitious financial announcements were made by many developed countries and international financial institutions. For example, the French President announced that France’s climate finance was increasing from some €3 billion in 2015 to €5 billion in 2020, €1 billion of it to fund adaptation to climate change.
To ensure these commitments were honoured, COP21 called on developed countries to draw up a roadmap demonstrating their commitment to meeting the $100-billion-per-year target by 2020.
The roadmap’s publication today, less than a year after COP21 and ahead of COP22, testifies to developed countries’ active efforts, and their determination to honour their commitments and provide developing countries as quickly as possible with indications about the financing sums that should be mobilized in 2020.
The roadmap draws on analysis and projection work by the OECD which has made it possible, among other things:
to establish that at least $67 billion of public finance, from bilateral and multilateral sources, will be available in 2020: this is a $26-billion increase on the 2013-2014 levels;
to indicate that, if the leverage effects of mobilizing private climate finance through public climate finance are identical to those of 2013-2014, a total of more than $90 billion in climate finance, public and private, should be mobilized in 2020;
As for financing adaptation, by 2020 the public finance devoted to it should be double the 2013-2014 levels.
These positive results reinforce the momentum which emerged from COP21 and was strengthened by the swift entry into force of the Paris Agreement. They will have to be continued in order to reach and even exceed the $100-billion target. To this end, the roadmap provides details of the actions developed countries will take to honour their commitments. In particular, it will be essential to continue increasing public climate finance and improve the mobilization of private climate finance