|Paris aligned||For every $1 AFD Group provided to fossil fuels, $25 went to renewables in the period 2018 -2020. There was no fossil financing in 2020.|
For every $1 AFD Group provided to fossil fuels, $25.4 went to clean energy and $5.6 went to Transmission & Distribution between 2018-2020. This is the highest ratio E3G has seen for the Public Banks it has assessed, which is excellent.
The AFD Group achieved 49% financing of projects with climate co-benefits in 2021, according to their investor presentation. However, in its mid-term review of its climate strategy it was stated that “The target of 50% climate finance in foreign countries, set at Group level since 2018, has been reached”. The difference lies in different geographical scope of these two documents.
The Climate Strategy also provides differentiated targets based on geographical areas which were further updated in the mid-term review. Climate commitments should represent at least 70% of funding for Latin America, 65% for the Middle East and Asia and 40% for Africa. The AFD (excluding Proparco) has exceeded these targets in Africa and Latin America between 2017-2019.