FRANKFURT, Germany, December 12, 2011 /PRNewswire/ --
19 leading development banks pledge their support to the Green Climate Fund to "work together" to combat climate change
Building upon the 'Durban Platform' agreed at COP17 to facilitate a new trajectory for the future climate change regime, the International Development Finance Club (IDFC), a network of 19 leading development banks from around the world will offer a Smart Partnership in support of the Green Climate Fund and its initiatives. The Fund is the newly approved governing instrument of the Conference of the Parties to the United Nations Framework Convention for Climate Change (UNFCCC).
The IDFC members pledge their support to the constituencies that they serve by establishing partnerships to promote and leverage the resources of the Green Climate Fund and creating innovative developmental responses in preparation for its operationalisation within the next two years.
"The IDFC believes that a working partnership between the Fund and national, sub-regional and international development banks can have significant influence on global efforts in attaining the goals set by the international community to combat climate change", highlighted Paul Baloyi, Vice-Chairperson of IDFC and Chief Executive Officer of the Development Bank of Southern Africa, DBSA.
"The IDFC members collectively have significant development and climate-related expertise which they offer to the Interim Secretariat of the GCF to develop programmes, policies, procedures, financial products and portfolio management", said Jacques Moineville, Associate Chief Executive Officer of the Agence Francaise de Développement, AFD.
"Our members have a successful and measurable track record of integrating climate change issues and related risks into their development mandates. We are therefore well positioned to help implement the Green Climate Fund to channel climate finance into programmes and projects in a country and regional driven basis. In doing so we can help the Green Climate Fund lift its potential to accelerate the ability of developing countries to implement their mitigation and adaptation interventions", said Dr Ulrich Schröder, Chairperson of IDFC and Chief Executive Officer of KfW Bankengruppe.
"IDFC members enjoy acceptance and trust from both the donor countries and recipient countries due to their strong integration with national and sub-national policies, their historical involvement in accomplishing infrastructure and industrial development, as well as their significant field expertise across a broad range of development disciplines," said Ligia Castro, Director of Environment at CAF, Latin American Development Bank.
"IDFC members can implement climate programmes in a timely and efficient manner by leveraging, intermediating and chanelling resources, including grants, loans and technical assistance through established and trusted implementation networks," described Elvio Lima Gaspar, Director of the Brazilian development bank BNDES.
"IDFC members aim to significantly augment the resources made available through the Green Climate Fund through a variety of blended funding instruments and to assist in the effective leveraging of greater private sector contribution towards climate interventions." added Paul Baloyi.
SOURCE International Development Finance Club (IDFC)