The fight against climate change requires an unfailing collective will and substantial resources, available to all. With the Accreditation Master Agreement signed on Saturday 11 November 2017 in Frankfurt, between Rémy Rioux, Chief Executive Officer of AFD, and Howard Bamsey, Executive Director of the Green Climate Fund, Agence Française de Développement has met these two conditions.
The Green Climate Fund was set up in 2010 and is one of the main financing instruments for the fight against climate change in developing countries. It entrusts its financing to public and private organizations, so that they can implement projects for the fight against climate change. This network currently includes 54 international, regional and national organizations. With USD 10.2bn of pledges of contributions to date, the Fund is giving itself the resources to match its ambitions.
Thanks to the accreditation for the Green Climate Fund, AFD will further accelerate the implementation of the Paris Agreement. We are going to mobilize even more resources for the climate, take more risks, to assist developing countries along their low-carbon and climate-resilient development pathways.
The objective is to develop programs on a larger scale, operate more in the adaptation sector, develop innovative financial instruments, and also operate in countries that are particularly vulnerable and where there is a limited use of our instruments.
AFD’s objective is to become the first bilateral development bank to make 100% of its financing compatible with the Paris Agreement. At least 50% of the projects we support must also have a climate benefit.
EUR 24bn of climate finance have already been allocated over the past 10 years, a level which will rise to EUR 5bn a year by 2020, including EUR 1.2bn earmarked for adaptation to climate change.