Statement of the Climate Action in Financial Institutions Initiative in San Francisco
At the Global Climate Action Summit, the Climate Action in Financial Institutions Initiative released a Joint Statement demonstrating how financial institutions are supporting local climate action.
Since 2016, I4CE houses the Secretariat of the Initiative gathering today 42 financial institutions from around the world with collectively over USD 13 trillion of total assets. The Climate Action in Financial Institutions Initiative focuses on the integration or ‘mainstreaming’ of climate considerations into financial institutions activities, a necessary step to achieve the objectives of the Paris Agreement.
During the High-Level Thematic Dialogue on “Local Climate Solutions: Financing the Transition” of the Global Climate Action Summit, Rémy Rioux, CEO of the French Development Agency (AFD) announced the release of the Initiative’s Joint Statement.
In this Statement, the Supporting Institutions reconfirm their commitment to collaborate to:
- Accelerate progress and address common challenges in the integration of climate considerations in their activities, while promoting transparency and accountability, and
- Facilitate access to finance for cities and subnational actors to address climate change.
The Statement also takes stock of over 40 new and existing commitments, programs and efforts of financial institutions supporting local climate action.
Moreover, to help connect the dots, the Climate Action in Financial Institutions Initiative is also launching an additional online resource, Connecting the Dots between Climate Finance Initiatives. It provides an overview of the work conducted by 30 of the most prominent ‘Organizations’, ’Convened Processes’ and ‘Calls to Action’ related to the Initiative’s 5 Mainstreaming Principles.