Climate Finance Day logo
11 December 2017

The financial sector is 100% committed to the fight against climate change

The third edition of Climate Finance Day, which was held on 11 December, shined the spotlight on the most innovative initiatives to be launched since COP21, in a bid to muster the financial sector's full support in the fight against climate change, both in terms of financing the energy transition and adapting to global warming. The main areas of progress bear on enhanced transparency and analysis of risks, as well as the development of green financial instruments and public-private funding.
 
On the eve of the international One Planet Summit, called for by the President of the Republic, Climate Finance Day 2017 gathered together nearly 1,000 high-level stakeholders from around the world, representing the finance sector, businesses, regulatory and supervisory authorities as well as public banks, non-governmental organisations and academia.
 
The various participants, attending on behalf of the public authorities and private sector alike, made new commitments to speed up the greening of finance.
 
Nicolas Hulot, Ministre d’État, Minister for the Ecological and Inclusive Transition, thus underscored the need for more and better investment in areas where private funds are not naturally channelled:
  • the agro-ecological transition,
  • the resilience of eco-systems,
  • the carbon storage capacities of soils and woodlands. 
He also encouraged partnerships to flourish between public and private resources and urged the financial stakeholders to work more quickly towards achieving zero-carbon portfolios and to steadily reduce their financing for fossil fuels, coal in particular, turning their attentions instead towards carbon-neutral technologies.
 
Bruno Le Maire, Minister of Economy and Finance, announced the development of new general public savings products for the climate, not least:
  • green vehicles in life insurance policies,
  • mobilisation, for projects with a positive climate impact, of sums deposited in savings accounts known as Livrets de développement durable et solidaire (LDDS), which are centralised at Caisse des Dépôts. The LDDS will be reformed to ensure greater transparency regarding the projects funded, which will help to improve its uptake by savings account holders.

Bruno Le Maire also announced the signature of a Charter for the climate, through which the major public investors attached to the State are committing to take on board the challenges associated with tackling climate change in their investment policy.
 
Finally, the Minister confirmed France's commitment to press ahead with the issuance of the sovereign green bond (green OAT), as well as the setup of a Board for evaluating these bonds and France's alignment with the Green Bond Principles (guidelines that recommend transparency, disclosure and reporting).