Climate Finance in France includes a mixture of domestic and internationally sourced funding for climate change adaptation, mitigation and resilience within the nation of France.
Context
editClimate finance is an umbrella term that involves financial resources to promote both the mitigation[1] of carbon emissions and also the adaptation[2] to the consequences of climate change. Climate finance is required by those who signed the Convention, the Kyoto Protocol and the Paris Agreement.[3]
The French Ministry for Europe and Foreign Affairs states that France is fully committed to this effort, both domestically and internationally.[4]
Public and private sector climate finance
editWhen France signed the 2015 United Nations Climate Change Conference (COP21) Agreement in 2015, and hosted the event itself, it committed to helping reduce its own effects on golbal warming and help others nations do the same.[5] Reuters reported that in 2020, France paid $8.66 billion, its fair share of the $100 billion per year that wealthy countries have pledged to support.[6] in 2022, France was the fourth largest global donor for official development assistance (ODA), spending $7,861 million for both climate adaptation and climate mitigation support.[7] France then committed to spending €173 million at COP28 for other countries that are most vulnerable to climate change.[8]
Private sector climate finance
editCredit Agricole, the second largest listed bank in France, committed in late 2023 to no longer funding new fossil fuel extraction projects.
Incentivizing climate-friendly investment
editReferences
edit- ^ Fawzy, Samer; Osman, Ahmed I.; Doran, John; Rooney, David W. (2020). "Strategies for mitigation of climate change: a review". Environmental Chemistry Letters. 18 (6): 2069–2094. doi:10.1007/s10311-020-01059-w. ISSN 1610-3653.
- ^ Intergovernmental Panel on Climate Change (IPCC) (2023-06-22). Climate Change 2022 – Impacts, Adaptation and Vulnerability: Working Group II Contribution to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (1 ed.). Cambridge University Press. doi:10.1017/9781009325844.029. ISBN 978-1-009-32584-4.
- ^ "Introduction to Climate Finance". United Nations Framework Convention on Climate Change (UNFCCC). Retrieved 2024-10-02.
- ^ Ministère de l'Europe et des Affaires Étrangères (2020). "Climate and environment". France Diplomacy - Ministry for Europe and Foreign Affairs. Retrieved 2024-10-02.
- ^ "CHAPTER XXVII ENVIRONMENT 7. d Paris Agreement - Paris, 12 December 2015". United Nations Treaty Collection. Retrieved 2024-10-16.
- ^ Abnett, Kate (July 21, 2023). "Which countries are paying their 'fair share' to fight climate change?". reuters.
- ^ "Issue Deep Dive: France/Climate". donortracker.org. Donor Tracker. 2024. Retrieved 2024-10-02.
- ^ Ministère de l'Europe et des Affaires Étrangères (2023). "France consolidates its support for the countries most vulnerable to climate change and announces a €173-million financial package at COP28 (6 Dec. 2023)". France Diplomacy - Ministry for Europe and Foreign Affairs. Retrieved 2024-10-02.