One Planet Summit: what results 9 months on?

Nine months after the first summit organized in Paris, the members of the One Planet coalition are meeting again on this Wednesday 26 September in New York to take stock of progress with their commitments. The opportunity for AFD to report on its commitments.

In December 2017, at the One Planet Summit in Paris, States, companies and non-State actors committed to launch new concrete actions to curb climate change and environmental degradation. On this Wednesday 26 September, these actors are meeting again, this time in New York, to report on progress with the commitments they made nine months earlier. “It’s a very interesting approach”, says Charlotte Cristofari, climate policy specialist at AFD, “What we usually see is that the mobilization of actors focuses on new pledges of commitments. Here, there is also a real political will to follow up on the initiatives announced in December and show that they are bearing fruit.”

In addition to showcasing initiatives which have already been launched, the aim of this mini-summit is therefore to continue to mobilize various actors for the climate, at least until 2020, the date of the official implementation of the Paris Agreement. “We need to ensure that the fight against climate change is stepped up, because the actions and policies undertaken today are still inadequate in view of the issues and objectives of the Paris Agreement”, points out Charlotte Cristofari.

Where do we stand with the 9 commitments made by AFD in December 2017? The first observation: they are all already being implemented. Less than a year later, some have already been achieved, others have been revised up, and most of them are on track to achieving their objectives. “We have made significant strides, both in terms of the initiatives taken as a French institution and those conducted at international level with other partners”, sums up Charlotte Cristofari.

To find out where AFD’s main commitments stand, watch our video and scroll through the blocks below.

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Curb land degradation: revised up

“AFD is now committing EUR 40m and no longer EUR 30m for the first round for investors in the Land Degradation Neutrality fund – a public-private fund managed by the company Mirova, which aims to finance the restoration of degraded lands in several regions. This upward revision is a first major step towards achieving the USD 300m target announced last year, which should be achieved in the coming years.”

Align the other development banks with the Paris Agreement: on track

“30 development banks from the IDFC and MDB networks have pledged to make all their financing compatible with the Paris Agreement. AFD, which is chairing IDFC’s network of 23 development banks, is playing a major role in the achievement of this commitment.

Practically speaking, it means increasing the financial volumes earmarked for the climate – USD 196bn in 2017 for IDFC members, up 23% compared to 2016 –, supporting public policies in this area and mobilizing the private sector even more to phase out investments in fossil fuels and give priority to renewable energy.”

Get philanthropists to commit to the climate: revised up

“Last December, Emmanuel Macron called on philanthropists to mobilize their financing in 3 key areas for the climate: renewable energies in Southeast Asia, air quality and agriculture.
Nine months later, a coalition of 16 philanthropists and 4 countries (France, Canada, United Kingdom and Germany) has been created. AFD is playing an active role in it as co-chair or a contributor to the various working groups.

Financial instruments, pilot projects and collaborative programs have now been launched on these thematic areas. A new public-private fund, which reflects this unprecedented collaboration between philanthropists and governments, will be announced soon. It will aim to leverage USD 1bn (EUR 850m).”

EUR 1.5bn a year for the adaptation of countries to climate change: on track

“This commitment will start in 2020. The target we set was revised up at the One Planet Summit. It is ambitious and we can say that we are currently on track to achieving it.

Indeed, our financing earmarked for adaptation rose by 41% between 2016 and 2017 and reached EUR 1.1bn last year. There has been a marked increase and we are no longer far off the target. The needs of partner countries call for this.”

Apply the Climate Charter of French Public Investors: achieved

“This Charter commits AFD, Bpifrance, Caisse des Dépôts, the Pensions Reserve Fund and Public-Service Supplementary Retirement Pension Body to apply 6 principles for the climate.

For several years now, we have been active in various initiatives which aim to further integrate the climate into our operations, like the Mainstreaming Climate Action in Financial Institutions initiative, and are already in line with this approach.”

Assist 15 countries and regions in the implementation of their national climate plans (Adapt’Action facility): on track

“Through the Adapt’Action facility, with a 4-year budget of EUR 30m, we are providing technical assistance to 15 countries and regional organizations, which are particularly vulnerable to the impacts of climate change, to help them define and implement their adaptation program.”

The first four financing agreements were signed at the One Planet Summit in 2017 with the Republic of Mauritius, Niger, the Comoros and Tunisia. Five other beneficiaries have since been added, marking the start of activities in the field: Madagascar, Dominican Republic, Republic of Congo, Indian Ocean Commission (IOC) and Organization of Eastern Caribbean States (OECS). So, we are currently midway.”

Support the long-term low-carbon development of 25 countries (2050 Facility): on track

“These long-term paths, required by the Paris Agreement of the signatory countries by 2020, are crucial to guiding both low-carbon and climate-resilient development. The EUR 30m 2050 Facility supports at least 25 countries.

About fifteen of them have already been identified and a first tranche comprising a EUR 10m grant was disbursed in July to finance this new tool, which contributes to aligning AFD’s action with the long-term objectives of the Paris Agreement.”

Finance climate change adaptation in the Pacific Islands: revised up

“The Adaptation-Biodiversity in the Pacific Initiative has been launched to allow several sovereign islands in the Pacific to adapt to the impacts of climate change.

We have tripled our initial contribution to this program: we are now going to earmark EUR 10m for it. The European Commission will contribute the same amount. New Zealand and Australia have also joined the initiative and will contribute NZD 1m and AUD 1m to it, respectively.”

A 100% Paris Agreement agency: achieved

Charlotte Cristofari: “The aim is to ensure that all AFD’s financing is compatible with low-carbon and climate-resilient development, within the meaning of the Paris Agreement. It also involves steering public and private investment in this direction.

This commitment has been implemented at two levels: in our climate strategy adopted last November, and in our overall strategy for 2018-2022. On 1 January 2018, we became a 100% Paris Agreement agency: all our operations are now screened in terms of climate issues. It’s not an easy task, but it’s a framework which guides our action.”