COP26 Side event : Operationalizing Paris Alignment

COP26 IDFC Pavilion and online

Background and purpose of the event: Aligning financial flows with the Paris Agreement is becoming the new standard for the financial community, building on continuous commitments from Public Development Banks (PDBs) such as the International Development Finance Club (IDFC) and the group of Multilateral Development Banks (MDBs) in 2017, but also from private banks.

At the first edition of the Finance in Common Summit in 2020, PDBs committed to align with the Paris Agreement, enlarging the initial commitment taken by IDFC, MDBs and EDFIs. On the road to a full operationalization of this concept, this side event provided the opportunity to report on progress made so far, good practices, and remaining challenges. The Institute for Climate Economics (I4CE) and the NewClimate Institute presented heir framework for IDFC members to operationalize their commitments. In addition Germanwatch, NewClimate Institute and the World Resources Institute (WRI) presented an approach on aligning financial intermediaries with the Paris Agreement. This side event was also highlighted the contribution that PDBs presented during the second edition of the FiC Summit in October 2021 and how they intend to support successful outcomes at COP26.

Organizers:

IDFC, in partnership with Germanwatch, I4CE, NewClimate Institute, WRI

Location:

COP26 IDFC Pavilion – hybrid event enabling remote participation