One Planet Summit: read about 12 commitments here
12 INTERNATIONAL COMMITMENTS STEPPING UP FINANCE FOR ADAPTATION AND RESILIENCE TO CLIMATE CHANGE
1 – RESPONDING TO EXTREME EVENTS IN ISLAND STATES
Rebuilding the Caribbean – A public-private fund created for the first “Climate Smart Zone”
The creation of a “Caribbean Climate Smart Coalition” reflects a new vision shared by leaders in the region to make the Caribbean the first “Climate Smart Zone”. The region’s vulnerability requires new approaches which break with current practices. To implement this approach over the next five years, 11 CARICOM countries have decided to create a partnership with regional and international organizations, businesses and foundations in order to catalyse low-carbon investment in the priority areas of energy grids and infrastructure. New investment and financial instruments will be rolled out to support this aim: over $3 billion has already been raised.
The rebuilding process which is being carried out in an exemplary fashion in the West Indies (Saint-Martin) will be coordinated with this initiative.
Furthermore, in the Pacific region, the French Development Agency (AFD) has launched a new line of financing for adaptation to the effects of climate change.
2 – PROTECTING LAND AND WATER AGAINST CLIMATE CHANGE
$300 million to activate the “Land Degradation Neutrality Fund”
France, Canada and other partners have announced financing to launch the work of the “Land Degradation Neutrality Fund” aimed at fighting land degradation.
The goal is to speed up active involvement and concrete actions to reach land degradation neutrality by 2030 (Target 15.3 of the Sustainable Development Goals). The neutrality index is a measure of the difference between land which has been protected by international action and areas which are directly affected by climate change.
Launch of the “Tropical Landscape Financing Facility”
An agreement has been signed between the UNEP, BNP Paribas, the World Agroforestry Centre and ADM Capital, together with other stakeholders, to raise private funds to finance green and sustainable growth in developing countries.
The aim is to raise $10 billion by 2025 to fund projects with a significant environmental and social impact in the most vulnerable countries.
A $600 million financing programme to help the agricultural world adapt to climate change
The Gates Foundation, the European Commission and other countries such as France have initiated a financing programme of $650 million to boost transfer of agronomy innovations on the ground, notably in developing countries. This initiative is based on the realization that while research in the field of agronomy is producing excellent results, its transfer can sometimes take decades. France is contributing a total of €5 million to implementing the pilot phase.
Creation of the 100 Water and Climate Projects for Africa funding platform
Africa is one of the continents most vulnerable to climate change.
Two development banks, five alliances representing over 450 signatories from 94 countries, and 47 businesses have committed to creating a project incubation platform, with the goal of producing and financing 100 projects for Africa over the next five years in the fields of water and climate change. The platform’s main aim is to effectively create connections between backers and stakeholders on the ground, with an initial amount of €20 million to be invested over the period.
The incubator will support projects on a variety of scales, from the basin and local authorities to small local projects.
This momentum will be continued under the World Water Forum (Brasilia, March 2018) and the meeting of the High-Level Political Forum on Sustainable Development - Water (New York, July 2018).
3 – MOBILIZING RESEARCHERS AND YOUNG PEOPLE TO WORK FOR THE CLIMATE
“One Planet Laureates Programme”: bursaries for young researchers
The Gates Foundation and the BNP Paribas Foundation are joining forces for $15 million over five years to fund university bursaries which will enable young researchers from emerging and developing countries to be hosted in international laboratories.
The expertise of the Agropolis Foundation will be used to identify these researchers.
Launch of the “European Solidarity Corps” for the climate, with €40 million
The European Commission will fund a programme to encourage young European volunteers to participate in climate-related projects in Europe and around the world.
4 – PUBLIC PROCUREMENT AND ACCESS FOR LOCAL GOVERNMENTS TO GREEN FINANCING
“Global Urbis”: creation of a common framework for cities to simplify access to climate financing
Under the initiative of the European Bank for Reconstruction and Development (EBRD), the Global Covenant of Mayors, the European Commission and the European Investment Bank, the “Global Urbis” programme will provide easier access for cities and regions in Europe and the Mediterranean Basin to public and private funds to implement their climate plan and thus speed up their transformation to sustainable cities.
Global cities and regions initiative to launch “clean” public procurement contracts
The C40, a network of 90 metropolitan areas, the Global Covenant of Mayors, United Cities and Local Governments and Local Governments for Sustainability have joined forces to launch green public procurement contracts (sustainable infrastructures, green mobility, zero-emissions housing, energy efficiency etc.) in an agreed framework.
ACCELERATING THE TRANSITION TOWARDS A DECARBONIZED ECONOMY
5 – ZERO EMISSIONS TARGET
Extension of the “Towards Carbon Neutrality” coalition announced during COP23
Led by the Marshall Islands and New Zealand, the "Towards Carbon Neutrality” coalition has today been extended to include 33 new stakeholders – countries, regions and businesses. All of these players have publicly committed from 2018 and no later than 2020 to a “carbon neutrality” path by 2050.
Launch of the “Paris Collaborative on Green Budgeting”
In order to increase transparency and effective steering of public environment policies, the budgets of all OECD countries (and countries associated with the OECD) will now clearly indicate the ecology and climate aspects in all their forms (public expenditure for the ecological transition, clean taxes, green bonds etc.). This new framework for presenting budgets will be launched by a group of pilot countries including France, Sweden, Mexico and Canada.
Creation of a Climate Observatory in Space
Instigated by the French Space Agency, a Climate Observatory in Space has been created in order to provide States and the scientific community with all the space data necessary for monitoring the health of our planet. This initiative is supported by all European space agencies, as well as other States including China, India, Russia, Mexico, Morocco and the United Arab Emirates. Access to interoperable space-based earth observation data will be a significant step forward in the earth monitoring system.
6 – SECTORAL SHIFTS TOWARDS A DECARBONIZED ECONOMY
Powering Past Coal alliance
The Powering Past Coal alliance was launched by the United Kingdom and Canada during COP23. It brings together a broad spectrum of businesses, organizations and governments united to speed up the transition from fossil fuels towards renewable energy. The alliance is committed to speeding up the elimination of conventional coal-fired power stations in a sustainable and economically inclusive manner, and to imposing a moratorium on new conventional coal-fired power stations without carbon capture and storage systems. France has committed to ending all electricity production from coal by 2022.
Launch of a conversion fund by the European Commission for coal-intensive regions
International Solar Alliance
The goal of the International Solar Alliance (ISA) is to raise $1 trillion by 2030 from public and private investors. Two years after its unveiling by India and France at COP21, the International Solar Alliance came into force in December 2017. Of the 121 countries situated between the Tropics of Cancer and Capricorn that it aims to unite, 46 have signed the framework agreement and 19 of them have already ratified it. This Alliance was born of an observation: solar power is one of the most abundant renewable energy sources in world regions that often lack the technologies, funding and expertise to make optimum use of it.
7 – ZERO-POLLUTION TRANSPORT
Decarbonized transport coalition
The transport sector accounts for approximately 15% of global anthropogenic CO2 emissions. Faced with the urgency of committing to a profound transformation of transport, eight countries including Portugal, the Netherlands, Costa Rica and France, supported by the stakeholders of the Paris Process on Mobility and Climate (PPMC) platform, are creating an alliance to work together on roadmaps towards decarbonizing transport and increasing investment in clean transport. Leading companies in the area of mobility, including Michelin and Alstom, are signing up to this alliance, as are world cities and regions (State of Colorado, City of Paris etc.).
34 countries pledge to reduce maritime transport emissions
The “Tony de Brum” declaration creates a new partnership of some 15 States centred on the International Maritime Organization to cap CO2 emissions relating to maritime transport. These currently account for 3% of global CO2 emissions but they could rise 250% by 2050 if no targeted action is taken.
This is also a coalition to advocate for the inclusion of maritime transport emissions in the Paris Agreement Nationally Determined Contributions.
Partnership of eight western US states for electric vehicles
The partnership for the Regional Electric Vehicle Plan for the West (“REV West Plan”) brings together eight federated US states: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming.
It aims to share best practice and develop a common network of EV charging stations to enable travel from one state to another in electric vehicles.
8 – TOWARDS A CARBON PRICE COMPATIBLE WITH THE PARIS AGREEMENT
Commitments by several countries to a more significant carbon price
The Environment and Climate Ministers of France, Germany, the Netherlands, Sweden and the United Kingdom welcome the recent agreement at European Council level on the reform of the European Union Emissions Trading Scheme, which should lead to an increase in the price of carbon. They do, however, consider that additional reforms will be needed at European level to encourage investors and businesses to develop economic models compatible with a scenario limiting global warming to 2°C. They therefore commit to examining, or even implementing in some cases, a significant carbon price in relevant sectors.
Carbon pricing for the Americas
Mexico is launching a carbon emissions quota market aimed at joining up with the various existing carbon markets in North America (California, Quebec, Ontario).
The launch of this market is part of an effort to strengthen carbon pricing instruments and enhance the coordination of regional carbon markets.
Announcement by China of the consolidation of its carbon trading scheme (confirmation and details to come)
Call by businesses for carbon pricing
A coalition of more than 40 companies led by the Carbon Pricing Leadership Coalition (CPLC) is calling for a carbon price in line with the objectives of the Paris Agreement, in accordance with the recommendations of the Stern-Stiglitz High-Level Commission on Carbon Prices.
All these announcements will generate positive momentum to support the ongoing reform of the European Union Emissions Trading Scheme.
ANCHORING CLIMATE ISSUES AT THE CENTRE OF THE DECISIONS OF FINANCE AND ITS ACTORS
9 – ACTIONS OF CENTRAL BANKS AND BUSINESSES
Commitment of more than 200 businesses to follow the recommendations of the Task Force on Climate Disclosure (TFCD)
Launch of a green finance network of central banks and financial market authorities
This new network unites the central banks of Mexico, the Netherlands, Germany, Singapore and China around the Banque de France, the French Prudential Supervision and Resolution Authority (ACPR) and the Bank of England. The initiative should help speed up climate mainstreaming in financial supervision and in the refinancing of secondary markets (commercial banks) in order to promote orderly development of green finance. Its work will begin in 2018 and an international conference will be held in Amsterdam in April that year.
10 – INTERNATIONAL MOBILIZATION OF DEVELOPMENT BANKS
Joint declaration by members of the IDFC and multilateral development banks
An agreement was signed during the One Planet Summit between 23 national and regional development banks from the International Development Finance Club (IDFC) network (Brazil, Canada, China, France, Germany, Sweden etc.) and multilateral development banks to increase funding dedicated to the implementation of the Paris Agreement. These amounts will total more than $200 billion in loans aimed at emerging and developing countries.
11 – COMMITMENT BY SOVEREIGN FUNDS
One Planet Sovereign Wealth Funds
Sovereign funds hold assets which could reach over $15 trillion by 2020. At the initiative of the President of the French Republic, Kuwait, Norway, Qatar, New Zealand, Saudi Arabia and the United Arab Emirates are launching an unprecedented coalition of great sovereign funds to earmark finance for climate action. This group will be joined by other sovereign funds in the coming weeks. The initiative will be coordinated by France and Norway.
12 – MOBILIZING INSTITUTIONAL INVESTORS
Climate Action 100+ coalition
The “Climate Action 100+” coalition was launched during the One Planet Summit. It brings together 225 major institutional investors representing more than $26 trillion in managed assets to coordinate their actions as regards the 100 highest-emitting public companies. This joint effort will help encourage these businesses to implement the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD) and present a strategy to reduce their emissions compatible with the Paris Agreement objectives.
Energy Breakthrough Coalition: investing in breakthrough technologies
The Energy Breakthrough Coalition was created during COP21. It initially brought together 10 venture capital investors to invest $200 million in breakthrough technologies. It was stepped up at the One Planet Summit to a venture capital investment total of $1 billion. Thanks to leverage, more than $30 billion will be invested by 28 venture capital investors by 2021 in technologies for the planet’s future (renewable energy generation, energy storage, energy efficiency etc.).
Coalition of philanthropists and foundations for climate and adaptation finance
During the One Planet Summit, some 15 philanthropists launched a task force to mobilize philanthropy to contribute to the implementation of the Paris Agreement, in partnership with development banks and private investors. It seeks to raise greater resources and innovation with new financial mechanisms.