The Green Climate Fund (GCF) emphasised its support for mainstreaming climate action throughout the financial system during a side-event held in Paris ahead of the One Planet Summit.
GCF Executive Director Howard Bamsey heralded the commitment of Agence Française de Développement (AFD) to 100% climate mainstreaming, and outlined how GCF is helping its partners to mainstream climate principles throughout their activities.
"With a portfolio of USD 2.7 billion, and projects worth over USD 600 million under implementation, GCF is dedicated to helping countries and institutions mainstream climate finance for transformative results. We are using these public funds to incentivise climate mainstreaming in and among all of our partners' work," stated Mr Bamsey.
Mr Bamsey explained how GCF's accreditation process plays a critical role in encouraging partners to mainstream, something recognised by other panellists, amongst whom included GCF Accredited Entities the Development Bank of South Africa (DBSA), Inter-American Development Bank (IDB), and European Investment Bank (EIB).
Howard Bamsey then highlighted how GCF's readiness programme aids countries in building consciousness of the need for climate mainstreaming, including creating the governance structures to make this possible, and in being able to ask the right questions of their finance partners on mainstreaming.
Finally, he explained that GCF's project development processes also supports individual financial institutions to integrate climate concerns throughout their activities, whilst also ensuring robust environmental and social safeguards and gender policies and action plans.