Members of the International Development Finance Club (IDFC) and the Multilateral Development Banks (MDBs) have committed to directing financial flows to climate change.
The declaration came at the One Planet Summit in Paris.
By the commitment, IDFC and MDB members will:
- Further embed climate change considerations in their strategies and activities and promote climate action throughout the financial community.
- Redirect financial flows in support of transitions toward low-carbon and climate resilient sustainable development.
- Catalyse investments to address new economic, social and environmental challenges and opportunities related to climate change.
- Pursue the development of processes, tools, methodologies and institutional arrangements that make it possible to design and implement climate action at the required scale.
- Collaborate with national and sub-national governments in promoting the reduction of greenhouse gas emissions, including through developing sustainable alternatives to fossil fuel investments, based on national circumstances and contexts, and prioritizing the financing of these alternatives.
- Support the development of enabling policy and regulatory environments, at both national and sub-national levels, in conjunction with the private sector and civil society, while remaining focused on the most vulnerable populations.
- And further support countries and partners to accelerate climate action and ambition by 2020, including the development of long-term 2050 decarbonization pathways and strategies to reach zero net emissions and promote shorter-term actions that provide the building blocks for achieving these longer-term development pathways.
The Sustainable Development Goals (SDGs), agreed upon by the international community, constitute a universal compass, highlighting the need for systemic and collective action for sustainable, equitable and inclusive development for everyone on this planet.