French President, A.Schwarzenegger and Minister Hulot - One Planet Summit
13 December 2017

One Planet Summit: new tangible initiatives for the climate

Organised two years after COP21 and the adoption of the Paris climate agreement, on 12 December the One Planet Summit gathered together world leaders and public and private finance stakeholders to discuss the key issue of financing climate action. Together, they have made 12 international commitments to scale up the fight against global warming.
 
This Summit was called for by the President of the Republic and jointly convened by the UN and World Bank, following the United States' announcement that it was withdrawing from the Paris agreement.
 
The aim was to promote tangible initiatives across the climate action spectrum, such as renewable energy sources, clean transport, agriculture, sustainable cities and buildings and protecting populations from climate-driven disruption.
 
The Summit's three buzzwords (adaptation, mitigation and mobilisation) were each promoted by one of the three co-organisers: Antonio Guterres (UN Secretary-General), Emmanuel Macron and Jim Yong Kim (World Bank President).
 
 
Participants in the summit came from a wide range of backgrounds: a number of non-State actors attended, among them financial stakeholders, philanthropists (including Bill Gates) and US states and cities committed to fighting climate change.

The decisions made at the One Planet Summit

The initiatives decided on at the Summit bear on three main areas: financing adaptation of our lifestyles to inevitable transformations, further speeding up the reduction of greenhouse gas emissions, and ensuring that climate issues are central to the finance sector.
 

The 12 international commitments to come out of the summit:

  • Responding to extreme events in Island States: creation of the "Caribbean Climate Smart Coalition" to turn the Caribbean into the first "Climate Smart Zone".
  • Protecting land and water against climate change: $300m pledged to activate the Land Degradation Neutrality Fund; launch of the Tropical Landscape Financing Facility; $650m pledged to help smallholder farmers adapt to climate change; setup of the 100 “Water and Climate” projects for Africa funding platform.
  • Mobilising researchers and young people to work for the climate: bursaries for young researchers; “European Solidarity Corps” for the climate, with €40m in funding.
  • Public procurement and access for local governments to green financing: creation of a common framework between European and Mediterranean cities to simplify their access to climate financing, launch of "clean" public procurement (sustainable infrastructures, green mobility, zero-emissions housing, energy efficiency, etc.).
  • Zero emissions target: ramping up of the “Towards Carbon Neutrality” coalition announced at COP23; new framework for presenting budgets launched by a group of pilot countries; creation of a Climate Observatory in Space.
  • Sectoral shifts towards a decarbonised economy: coalition to speed up the transition from fossil fuels towards renewable energy; launch of a conversion fund by the European Commission for coal-intensive regions; the International Solar Alliance (ISA) aims to raise $1 trillion by 2030.
  • Zero-pollution transport: coalition of eight countries committed to decarbonised transport; 34 countries pledge to reduce maritime transport emissions ("Tony de Brum" Declaration); partnership of eight western US states for electric vehicles.
  • Towards a carbon price compatible with the Paris agreement: commitments by several countries to a more significant European carbon price; call by businesses for carbon pricing, etc.
  • Actions of central banks and businesses: central banks and financial market authorities launch the “Greening the Financial System” network.
  • International mobilisation of development banks: agreement between 23 national and regional development banks to increase funding dedicated to the implementation of the Paris agreement.
  • Commitment by sovereign funds: One Planet Sovereign Wealth Funds.
  • Mobilising institutional investors: Coalition 100+ to coordinate actions as regards the world’s 100 largest corporate greenhouse gas emitters; Energy breakthrough Coalition to invest in breakthrough technologies; coalition of philanthropists and foundations for climate funding. 
The World Bank also announced that it will end its financial support for oil and gas extraction, after 2019.
 
 
 
France's strong commitment for the sake of the climate
The organisation of this Summit was a sign of France's leadership in climate finance:
  • France is the 4th contributor to the Green Climate Fund ($1bn). It provided more than €3.3bn in total climate financing in 2016, compared with €2.2bn in 2013, and is on track to honour the commitments made at COP21 (contribute up to €5bn in 2020 towards climate financing in developing countries).
  • Since 23 November 2017, the AFD has been the first bilateral development bank with the exclusive mandate of implementing the Paris agreement. 
Over and above financing questions, the Government is rolling out an ambitious policy to speed up the ecological transition in the context of the Climate Plan, and Nicolas Hulot, Ministre d’État, Minister for the Ecological and Inclusive Transition, has once again underscored this ambition by announcing plans to increase the annual volume of solar calls for tender by 1 GW, which will thus rise from 1.45 GW to 2.45 GW.



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