New York City, USA
- The International Development Finance Club (IDFC), the organisation bringing together 24 national development banks from across the world, has committed to providing USD 1 trillion in climate finance by 2025.
- The group is calling for a push for climate action from development finance institutions in the run up to next year’s climate conference (COP26) in Glasgow, UK.
The International Development Finance Club (IDFC) made a series of announcements as its contribution to the UN Climate Action Summit in New York today, including:
- Contributing USD 1 trillion of climate finance by 2025 across the 24 development banks;
- Creating a USD 10 million fund to increase the capacity of IDFC member banks to assess climate-related projects;
- Calling for a major “Summit of Development Banks” conference next year in the run up to COP26 Glasgow. The summit will bring all the public development banks – multilateral and bilateral – together to mobilise 500 development finance institutions and their shareholders on climate issues.
This was announced at a press conference in New York City with Remy Rioux, the head of Agence Française de Développement (AFD), along with the heads of the German development bank KfW, the Development Bank of South Africa (DBSA) and the Latin American Development Bank (CAF).
Kate Levick, Finance Programme lead, E3G said:
“We have long said we need to be shifting not billions but trillions. And sure enough, the world’s leading national development banks, have now put USD 1 trillion on the table. This is serious money.”
“It is essential that all members of the International Development Finance Club, including their biggest member China Development Bank, work together to protect themselves from physical and financial climate risks and lead the way in shifting financial flows from coal and other unsustainable infrastructure to clean, climate-resilient development.”
Available for comment
Kate Levick, sustainable finance programme leader is available for comment.
Sonia Dunlop leads E3G’s work on international financial institutions and is in New York City from until 25 September.
Notes to Editors
- E3G is an independent climate change think tank accelerating the transition to a climate safe world. E3G specialises in climate diplomacy, climate risk, energy policy and climate finance. In 2018, for the third year running, E3G was ranked the fifth most globally influential environmental think tank by the Global Go To Think Tank Index.