The Green Climate Fund (GCF) is harnessing new business opportunities in climate investment by signing a partnership agreement with its first France-based global private sector partner.

GCF’s Accreditation Master Agreement (AMA) with Crédit Agricole CIB allows this international commercial bank to propose and implement for its clients climate projects funded by GCF. AMAs are a prerequisite for GCF’s partners to fund climate initiatives in developing countries.

Crédit Agricole CIB has a financial presence in 30 countries, covering Europe, the Americas, the Asia-Pacific and Middle East and Africa.

Acting GCF Deputy Executive Director Hong-Thuy Paterson said during the recent signing: “The formalisation of GCF’s financing partnership with Crédit Agricole CIB strengthens our ability to catalyse much needed private finance to scale up climate action. Crédit Agricole CIB already has a strong track record in promoting sustainable business through project finance and green, social and sustainability bonds, and we are excited to collaborate with them.”

For many years Crédit Agricole CIB has been committed to sustainable development. It was the first French bank to sign the Equator Principles in 2003. It has also been a pioneer in green bond markets with the arrangement of public transactions from 2012 for a wide array of issuers (including supranational banks, corporates, local authorities and banks) and was one of the co-drafters of the Green Bond Principles and of the Social Bond Guidance.

Crédit Agricole CIB CEO Jacques Ripoll said: “Climate change is a core concern for Crédit Agricole CIB and the Credit Agricole Group. Sustainable banking is in our DNA. Our partnership with the Green Climate Fund will allow us to join forces in order to support and accompany a fair transition in emerging countries through innovative financing capacity.”

Crédit Agricole CIB Deputy CEO Jean-François Balaÿ said: “With the signing of this Accreditation Master Agreement, Crédit Agricole CIB becomes the first European Corporate and Investment Bank in a capacity to channel to GCF climate change adaptation or mitigation projects in emerging countries. We hope this signing will be a key milestone to help our clients in their climate development projects, combining GCF’s financing and risk-taking capacity with Crédit Agricole CIB’s global reach and expertise.”

GCF’s private sector portfolio is funding USD 11.6 billion initiatives to reduce emissions and enhance climate resilience in 34 projects across the planet, utilising USD 2.8 billon of GCF funds.