Aug 29, 2016
As the Paris agreement moves from ambition to action, the G20 will be crucial to its success, particularly given they are responsible for 80% of global greenhouse emissions.
That’s why the Climate Investment Funds has been engaging with the G20 and recently contributed to two reports for G20 Finance Ministers through their Climate Finance Study Group.
Since 2008, the G20 has emerged as a key fora within global governance. The G20 countries account for 85% of global GDP, 75% of world trade and around two-thirds of the world's population.
As the Paris agreement moves from ambition to action, the G20 will be crucial to its success, particularly given they are responsible for 80% of global greenhouse emissions. That’s why the Climate Investment Funds (CIF) has been engaging with the G20 process and recently contributed to two reports for G20 Finance Ministers, through the body’s Climate Finance Study Group (CFSG).
The Climate Finance Study Group (CFSG) was established by G20 Finance Ministers in 2012 and focuses on sharing national experiences between countries. These reports provide valuable information for stakeholders from Finance Ministers to multilateral institutions alike, providing policy recommendations, critical analysis and informed thinking.
The G20 CFSG Toolkit includes a chapter on the role of the CIF in supporting the deployment and mobilization of climate finance, focusing on three areas in particular: the use of multilateral development banks (MDBs) as implementing partners, country-led programmatic approaches and flexibility to learn and adapt.
The G20 Outlook reflects many of the CIF’s lessons and learnings including the importance of aligning climate action with national plans, the necessity of risk-taking, long-term and concessional funding and how transparency can enhance cooperation.
Mafalda Duarte, Head of the CIF, said: “With over 300 projects in 72 countries worldwide, the CIF has many lessons to share. The CFSG aims to promote efficient and transparent provision and mobilization of climate finance, and the CIF’s track records show we have done – and continue to do – just that. The CIF’s funding comes from G20 countries and with $2.3 billion from the CIF invested across Brazil, India, Mexico, South Africa and Turkey, we are well-placed to share lesson with G20 countries and others.”
Marco Aurelio dos Santos Araujo, from Brazil’s Ministry of Finance, said: “Mobilization of climate finance requires concerted efforts from governments, MDBs, civil society and the private sector. The CIF has brought together all these actors, providing the necessary support to scale up innovative approaches.”
May Gicquel, from France’s Ministry of Economy and Finance, said: “In the French capital last December, world leaders celebrated an international agreement to accelerate climate action. These reports provide very helpful guidance for delivering on the promise of Paris. I am pleased that they will help other actors learn from the CIF’s experience in climate-smart development.”
The CIF’s contribution comes just a few months after a different group, the G24 which coordinates the position of developing countries on monetary and development issues, called for the CIF’s urgent replenishment at the World Bank/International Monetary Fund Spring Meetings.
