The International Development Finance Club (IDFC), the international network of leading national and regional development banks, and the Green Climate Fund (GCF) have signed a Partnership Statement to become strategic partners and serve the Paris Agreement objectives.
On the occasion of the IDFC 2019 Steering Group Meeting, hosted by its Moroccan member the Caisse de Dépôt & de Gestion (CDG Group), IDFC Chairperson and AFD CEO Rémy Rioux and GCF Executive Director Yannick Glemarec signed the statement establishing a framework for collaboration to strengthen climate action and the promotion of joint initiatives in the following areas:
- Sharing knowledge for climate finance and action
- Integration of climate considerations within financial institutions
- Facilitation of access to GCF resources with co-financing from IDFC members and support to capacity building activities
- Outreach and awareness raising
Mr Rioux underlined the importance of financial actors such as the national and regional development banks in supporting the GCF mission. “Today, the International Development Finance Club, the biggest provider of public development and climate finance globally, and the GCF, the largest climate fund in the world, are joining forces to reinforce the contribution of development banks to climate finance and alignment with the Paris agreement. Together, the GCF and IDFC engage in redirecting financial flows in support of transitions towards low-carbon and climate resilient sustainable development.”
As a way of increasing climate ambition and making the financial system shift towards climate projects, programs and policies, the Green Climate Fund and the IDFC members, that have already committed to align their financial flows to the Paris Agreement, are demonstrating the importance of collective action to continuously advance on the fight against climate change.
Mr Glemarec added: “Exchanging technical knowledge and sharing best practices is crucial to increasing efficiency and quality across all phases of climate finance projects, from origination and appraisal to implementation and evaluation. The International Development Finance Club (IDFC) enables this through close cooperation and joint activities. GCF is looking forward to continue working with IDFC and many of its members towards our mission of raising climate ambition and meeting the Paris Agreement commitments.”
Hamid Tawfiki, CDG Capital CEO, representing CDG Group, also explained that: “On December 2018, in the margin of the COP 24 in Poland, CDG Capital was honoured to get the full GCF accreditation to reinforce its low carbon and climate resilient projects in Morocco. CDG Group then joined nine other IDFC members already accredited by the GCF. In this context, as IDFC co-chair proudly hosting this meeting, we are more than delighted with today’s partnership statement, building up our cooperation in strengthening climate action and fight against climate change worldwide”