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Cop26, all green plans of Cassa Depositi e Prestiti

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Cop26, all green plans of Cassa Depositi e Prestiti

Financial institutions for development (including Cassa Depositi e Prestiti) renew their collaboration to combat climate change. All the details communicated on the occasion of Cop26

Cassa Depositi e Prestiti (Cdp) is ready to provide support as part of Italy's renewed commitment to climate finance, amounting to $ 1.4 billion a year for the next 5 years. In its role as Financial Institution for Development Cooperation, CDP is defining an investment strategy in climate finance, aimed at strengthening its action in support of both mitigation and adaptation.

The Cassa Depositi e Prestiti (CDP) group chaired by Giovanni Gorno Tempini and led by CEO Dario Scannapieco is one of the financial institutions for development which, on the occasion of COP26, renew their collaboration to combat climate change.

COMMITMENTS

New multimillion-dollar investment commitments and coordinated strategic actions to overcome the limits on private investments in projects for adaptation and resilience to climate change in emerging countries, reads the Collaborative's release

The group of Development Finance Institutions (DFI) signatories and partners of the "Adaptation & Resilience Investors Collaborative" (or Collaborative ) have now committed themselves to significantly increase their investments in projects for adaptation and resilience to climate change, in emerging and of development.

THE ACTION PLAN

Last May, the DFI of the G7 countries participating in the Collaborative announced an ambitious action plan to the G7 and are already working together with the other Collaborative members to adopt a common approach aimed at identifying possible investments as well as the reporting model for measure the impact and results achieved. Activities are also underway to improve the ability to assess physical climatic risks, develop a market and build a pipeline of "bankable" investments.

THE DETAILS

In addition to the joint efforts set out above, the members of the Collaborative undertake to:

  • Adopt common principles to report the financial resources mobilized in favor of adaptation and resilience projects to climate change, in line with the best practices in the sector, through a gradual, timely and conservative approach.
  • Communicate the volumes of financial resources committed to climate adaptation and resilience projects, on an annual basis and with specific start dates for each institution, and continue to jointly progress towards the harmonization of related metrics.
  • Continue to collaborate for the adoption of standard approaches in measuring the contributions of its investments towards the objectives of impact on adaptation and climate resilience.
  • Develop common practices to identify, assess and manage physical climate risks, including the tools necessary to interact with counterparties.

The Collaborative will provide an update on its progress at the G7 Summit to be held in Germany in 2022, and will continue to work to achieve common results to be announced during COP27 to be held on the African continent.

THE NEW MEMBERS

In addition, the Collaborative has announced the accession by new members: the DFI Finnfund and Swedfund have joined as a signatory members, while the Bank European Investment, the Global Innovation Fund , the Islamic Development Bank , the KfW Development Bank , the Nordic Development Fund , and USAID joined as partners.

THE WORK

Participating institutions invited other development finance institutions to join the Collaborative and contribute to the action plan. On the occasion of Finance in Common 2021, the Public Development Bank Coalition welcomed and encouraged the work of the Collaborative. Joint work is also underway with existing working groups to align new financial flows to the Paris Accords, including a focus on climate adaptation and the implementation of TCFD recommendations.

CDP'S COMMITMENTS AND MORE

Finally, on the occasion of COP26 some members of the Collaborative are announcing new commitments to increase the resources mobilized in favor of climate adaptation projects and accelerate private investments in this area. Among others:

  • Cassa Depositi e Prestiti (CDP) is ready to provide support as part of Italy's renewed commitment to climate finance, amounting to $ 1.4 billion a year for the next 5 years. In its role as Financial Institution for Development Cooperation, CDP is defining an investment strategy in climate finance, aimed at strengthening its action in support of both mitigation and adaptation.
  • The Agence Française de Developpement Group (AFD) is committed to supporting the achievement of France's ambitious adaptation finance targets of € 2 billion per year starting in 2021. AFD is also launching the second phase of the AdaptAction program, with € 15 million euros to be used in 18 African countries.
  • CDC Group will invest over £ 3 billion in climate finance in Africa and Asia over the next 5 years. This commitment will also be supported by the £ 200 million Climate Innovation Facility, announced by the UK government at COP26. The new Facility will provide resources to support innovative solutions in the climate field, also in terms of adaptation and resilience; the first financial commitment of the Facility, the Pula initiative in the agritech sector in Kenya, is an example of this. The transaction will allow Pula to offer innovative “crop” insurance services to smallholders in different regions of Africa, in order to accelerate realization.
  • The European Investment Bank (EIB) has launched its first Adaptation Plan aimed at increasing the volume and impact of its commitment to climate adaptation.

ALL ABOUT COLLABORATIVES

But what is the Adaptation & Resilience Investors Collaborative? Launched during the Finance in Common Summit 2020 , the Adaptation & Resilience Investors Collaborative is an international partnership between development finance organizations, working together to accelerate and scale private investments in climate change adaptation and resilience projects, in emerging and developing countries. To this end, the partner institutions develop common know-how and tools, and act jointly to develop a bankable investment pipeline and to accompany the growth of companies through innovative solutions for climate adaptation and resilience.

The signatory members include, in addition to the new members mentioned above, the Italian Cassa Depositi e Prestiti (CDP) in its role as Financial Institution for Development Cooperation, the English CDC Group, the French AFD and Proparco, FinDev Canada, the Foreign , The English Commonwealth & Development Office (FCDO), the Dutch FMO, the Global Center for Adaptation and the US International Development Finance Corporation (DFC).

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/cop26-tutti-i-piani-green-di-cassa-depositi-e-prestiti/ on Mon, 08 Nov 2021 14:05:11 +0000.