ICD along with other DFI partners doubled its commitment up to US$ 200 billion, within the International Development Finance Club (IDFC)
Katowice, Poland, 12th December, 2018— ICD and other development finance institutions (DFIs) , doubled their climate finance from COP21, going from $100 billion in late 2014 to close to $200 billion in 2017, according to a new IDFC Green Finance Mapping Report. These figures, featured in the IDFC Green Finance Mapping Full Report, launched at COP24 in Katowice, Poland, show IDFC’s significant commitment to low carbon and climate resilient sustainable development.
On the occasion of the UN Conference of the Parties for the Climate (COP24), held in Katowice, Poland, IDFC Chairperson, along with representatives from the Club including ICD, announced the launching of the 2018 IDFC Green Finance Mapping Full Report, covering the period of 2017. The report showcases IDFC members’ commitment of US$220 billion in green finance in 2017, a steady increase of 27% from 2016, including US$196 billion of climate finance.
The report [https://icd-ps.org/uploads/files/idfc-green-finance-mapping-20171545117555_5372.pdf] uses the Multilateral Development Banks (MDBs) and IDFC Common Principles for Climate Mitigation and Adaptation Finance Tracking. Under the supervision of Climate Policy Institute (CPI), data are checked for reliability and are then presented in aggregate form, which offers the following highlights:
- IDFC members committed $220 billion in green finance in 2017, a steady increase of 27% from 2016. This is equivalent - in one year - as what the World Bank announced as climate targets for 2021-2025.
- IDFC reported $196 billion of climate finance in 2017, an increase of $46 billion
- These are financial domestic flows as well as North-South and South-South flows.
- Adaptation financing to climate change commitments doubled to reach $10 billion in 2017. However, these figures remain significantly low in comparison to other categories partly due to the lack of harmonization and common understanding of climate adaptation-related attribution methodologies.
ICD has become a member of the IDFC since 2015 and currently Mr. Ayman Sejiny, ICD’s new CEO, serves in the Executive Steering Group of the Club, which is comprised of the 9 members elected from the 24 member institutions. “IDFC is becoming very important and unique platform for global advocacy, mobilization and action for climate investment. The IDFC members collectively bring considerable financial and strategic resources to meet SDG financing needs and appear to be well matched to respond to key SDGs requirements.” said Mr. Sejiny, the CEO of ICD.
In 2017, ICD committed a record amount of total financing – nearly US$ 1 billion, about 20% of which allocated to climate and infrastructure financing. The report also highlights that ICD supported Jordan’s goal of producing 10% of its electricity from renewables by 2020 through financing the Shobak Wind Project, a 45MW independent power project.
For inquires and more details, please contact:
Dr. Elvin Afandi
Principal Economist, Strategy & Policy Department, ICD