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IDFC Turns Ten Years Old: A Milestone for International Coalition of Development Banks – and for Greener Finance
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At COP26 in Glasgow, the International Development Finance Club, met to mark its 10th anniversary. The Chief Executive Officer of Agence Française de Développement, Rémy Rioux, was reappointed for a third term at the helm of the IDFC, a group that is now comprised of 27 leading national and regional development banks.
Over ten years, international finance has been directed towards virtuous investments for the climate. The figures speak for themselves: in its Green Finance Mapping Report 2021, the IDFC states that over $1 trillion has been committed to green finance since 2015, including $185 billion in 2020. This is in advance of the initial commitment to achieve this level by 2025.
Projects for climate adaptation amounted to $27.4 billion, an increase of 42 % over 2019 and more than fivefold compared to 2016.
Furthermore, biodiversity finance has been measured for the first time, with a total of $14 billion committed for biodiversity in 2020.
The 27 development bank members of IDFC, including the newcomer Africa Finance Corporation, are now joining forces to deploy potentially up to $1.3 trillion by 2025, with a significant increase in the portion earmarked for adaptation and biodiversity.
In its State of Ambition, IDFC has also committed to end international public finance for new coal-fired energy projects, in accordance with the decision made by the G20 in Rome.
Further reading: IDFC 10-Year Celebration Report