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./.