The Results are in: AFD Boosted Climate Action and Maintained its Sustainable Financing in 2023

published on 15 May 2024
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Résultats 2023
Despite rising geopolitical tensions in 2023, AFD Group financed several hundred new projects worth more than €11 billion. What’s more, the Group’s financial commitment to finance climate action rose by 25%, and hit its biodiversity target two years ahead of schedule. With last year's results released this week, we take a look at the highlights.

For the second year running, the extended AFD Group (Agence Française de Développement, Proparco and Expertise France), has expanded its global presence, now operating in more than 160 countries and 11 French Overseas Territories and Departments. 

And despite continuing geopolitical tensions, 2023 saw the signing of some 1,000 new contracts and projects – out of 3,600 projects implemented in total – worth more than €11 billion. Which is part of the Group’s overall financial operations last year of some €13.5 billion, as revealed in the results published this week

“Amid mounting violence and geopolitical instability, we have seen a revitalization of international cooperation for sustainable development,” says Rémy Rioux, AFD Chief Executive Officer. “AFD Group is mobilized, and is mobilizing everyone involved, in the drive to foster sustainable and inclusive financing. This role as a mobilization platform is reflected in results and impacts that protect common goods and benefit the most vulnerable.”


Boosting Biodiversity and Climate Protection

In line with its climate strategy, which sets out its commitment to align its activity with the Paris Agreement and allocate at least 50% of its financing to climate action, the Group granted €7.5 billion to climate projects in 2023 – an increase of 25% on the previous year. 

Indeed, AFD Group has continued to implement its Biodiversity Roadmap, aiming to commit an annual €1 billion in financing to biodiversity projects between now and 2025. Already in 2023, the Group committed a record €1.1 billion in financing, exceeding its target two years in advance.  

At the end of 2023, AFD Group was rated 74/100 by the non-financial ESG rating agency Moody’s, demonstrating continuous improvement in its rating since 2017. The Group is now tied first in the “Specific Purpose Banks & Agencies – Europe” sector, and ranks 8th overall in Moody’s rating system, which assesses more than 4,600 organizations and companies around the world. 

See also: AFD Group ranks in the top 10 worldwide for Environment, Social and Governance performance

The Group’s subsidiaries also performed strongly last year. In 2023, Proparco signed agreements for 159 new projects representing a total of €2 billion in financing. Expertise France, with €558 million for 174 signed contracts, has recorded growth in its activity once again, having granted €400 million to projects in 2022.

Mobilizing the private sector

Across EU countries, development assistance fell by 5%, according to preliminary OECD data. However, private funding increased to €38 billion in 2023, up 7.4% compared to 2022. 

The Finance in Common (FiCS) initiative, which aims to mobilize public and private financing for sustainable development, has in turn strengthened Proparco’s ambition to raise private-sector financing for projects supported by the Group, having set a target ratio of mobilizing one euro in private financing for every euro of activity by 2025. 

Where Sports Play a Role in Development 

This year, the proportion of Group-supported projects that combat gender inequality, increased once again, rising to 64% compared to 62% in 2022.

In 2023, sport also played a bigger role in France’s cooperation with Africa, with highlights in the sporting calendar including the 2023 Rugby World Cup in France, the Africa Cup of Nations and the Paris 2024 Olympic and Paralympic Games, of which AFD Group is a partner.

2023, AFD Group’s year in figures: 

  • 70 million people with improved access to health care
  • 41 million people with better social protection
  • 12.6 million people with access to a safe drinking water supply
  • 1.5 million women whose situation has improved in terms of gender equality
  • 3,800 megawatts generated by installed or renovated renewable energy plants
  • 2.7 million tons of CO2 avoided
  • 33 million hectares benefiting from terrestrial biodiversity conservation/restoration programs
  • 631,000 family farms that have converted to agroecological systems
  • 52% of financing committed to non-sovereign actors: civil society organizations, local authorities and private sector businesses
  • €5 billion in new financing authorized in Africa in 2023 

Download AFD Group's full 2023 results report here and the two-page summary here.