IDFC and MDBs team up to align financial flows with Paris accord
The world’s leading development finance institutions have pledged to step up their collaboration to achieve ambitious goals set under the 2015 Paris Agreement.
In a statement released at the One Planet climate summit in Paris, heads of the major multilateral development banks (MDBs) and members of the International Development Finance Club (IDFC), a network of national and regional development banks, also said they would further embed their response to the climate challenge within their overall activities.
The development groups, including the European Bank for Reconstruction and Development, (EBRD), said new cooperative approaches were needed to transform the 2015 Paris Agreement into concrete action.
“In this spirit of collaboration, the IDFC members and MDBs are teaming up, two years on from the historic moment at COP21, to reaffirm their joint commitment to align their financial flows with the Paris Agreement,” they added.
The EBRD has delivered over 1,400 green projects worth €25 billion since 2006, leading to 90 million tonnes of expected CO2 emission reductions each year, equivalent to more than the annual CO2 emissions from the fuel combustion levels of Romania in 2015.