The International Development Finance Club to Provide $100 Billion in Green Funding in 2015
Enrique García, executive president of CAF -development bank of Latin America- stressed the importance of multilateral financing in meeting the challenge of climate change at today's United Nations Climate Summit on behalf of the IDFC, the world's largest source of public funding for climate programs
(New York, 23 September 2014). Enrique García, the executive president of CAF -development bank of Latin America-, today declared at the 2014 United Nations Climate Summit that "the main objective of multilateral financial institutions should be to promote low-carbon economies that are resilient to climate change." Garcia was speaking on behalf of the International Development Finance Club at the Climate Summit's Financing panel.
Funding by the IDFC for promoting adaptation and resilience to climate change has been on the rise, increasing from USD 89 billion in 2011 to USD 99 billion in 2013. It is important to note that members of the IDFC account for approximately two-thirds of public funding for climate initiatives, making them the principal source of green funding.
The IDFC is a network of 22 development banks at the national, regional and international levels, 19 of which are from developing countries.
The modalities of green financing at the IDFC include direct lending for environmental projects, mobilizing additional resources to reinforce private capital markets, and establishing climate change as a priority within the strategies and operations of its member banks.
"The IDFC has the potential to expand its activities related to financing climate initiatives, thus increasing its commitment and its support for the effort of developing countries. It aims to increase green funding to US$ 100 billion in 2015," said García, the organization's co-chairman.
More than 66% of IDFC financing for climate initiatives in developing countries comes from development banks in those emerging markets.
The Finance Panel of the 2014 Climate Summit was held in the General Assembly Hall of the United Nations. Panelists included Ban Ki-moon, Secretary General of the United Nations, Jim Yong Kim, President of the World Bank, Enrique Peña Nieto, President of Mexico, Park Geun-hye, President of the Republic of Korea, Erna Solberg, Prime Minister of Norway, Paul Kagame, President of Rwanda, José Manuel Durao Barroso, President of the European Commission, Enrique García, Executive President of CAF-Development bank of Latin America and Luis Alberto Moreno, President of the Inter-American Development Bank, among other representatives of multilateral financial organizations.
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