One Planet Summit: Finance Commitments Fire-Up Higher Momentum for Paris Climate Change Agreement

On the 12nd December, at the One Planet Summit, on the 2nd anniversary of the Paris Agreement, world leaders gathered once again in the French capital to underscore how financial flows are shifting billions and trillions towards a low-carbon future that will benefit peoples and livelihoods.

Patricia Espinosa, Executive Secretary UN Climate Change, said: “Today has marked another extraordinary moment in the world-wide efforts to turn the promise of the Paris Agreement into a global reality—in other words delivering a climate secure future to all corners of the Earth and contributing to the sustainable future of every man, woman and child”.

“From the United Nations system to governments and investors, billions of dollars have today been mobilized and trillions more pointed towards a transformation of the world’s energy to agricultural sectors, adding to the finance that has already been flowing before, during and since Paris 2015”.

“We know this is going to be a long journey and there will be bumps along the way. But the alignment of so many areas of the global economy, the process to reset the financial system and the support for developing countries’ national climate action plans or NDCs announced today, should give everyone a sense that the urgency needed and the scale required is being forged”.

“We look forward from the UN Climate Conference 2017 in Bonn and the One Planet Summit in Paris, to California, COP24 in Poland in 2018 and the UN Secretary-General’s Summit in 2019 as the world moves to raise ambition further before 2020 under the UN climate change process.”

The conveners of the Summit – French President Emmanuel Macron, World Bank President Jim Yong Kim and UN Secretary-General António Guterres – signed a Declaration to welcome the outcomes of the event, which launched an array of landmark commitments.

These are helping to demonstrate that public and private finance is rapidly being deployed in both developed and developing countries to strengthen sustainable development and assist nations towards achieving their national climate action plans, known as NDCs.

This momentum also represents a broader reshaping of the world’s financial architecture, which will be fundamental to creating the conditions for a successful Talanoa Dialogue next year and the urgency of countries to raise ambition further and faster.