As conceptualized by the Durban Platform, which was agreed upon by 195 United Nations member countries during the recently concluded 17th Conference of the Parties of the U.N. Framework Convention on Climate Change, the Green Climate Fund will soon be made operational, garnering the commitment of the International Development Finance Club, a network of 19 leading development banks to leverage resource support to their constituencies.
The I.D.F.C. plans to leverage the resources of the Green Climate Fund and establish standards for nationally appropriate mitigation actions and national adaptation programs of action; financing green economy investments (such as green infrastructure investments); creating climate finance monitoring, reporting and verification frameworks to track impacts over time; and developing new and enhancing existing market-based mechanisms to increase the pool of funding available.
"The I.D.F.C. believes that a working partnership between the fund and national, sub-regional, and international development banks can have significant influence on global efforts in attaining the goals set by the international community to combat climate change," said Paul Baloyi, vice-chairperson of the I.D.F.C., and chief executive of the Development Bank of Southern Africa, DBSA.
"I.D.F.C. members aim to significantly augment the resources made available through the Green Climate Fund through a variety of blended funding instruments and to assist in the effective leveraging of greater private sector contribution towards climate interventions," he added.
In 2012, the I.D.F.C. will be focusing its activities on climate finance and access to clean and sustainable energy sources through the Climate Finance Work Program 2011-2012.
Aside from publishing strategy briefs and information on the club members' joint green activities, the I.D.F.C. will also provide training activities for its members as well as documentation of climate finances.
The I.D.F.C., which represents over 40 countries and operates within the framework of development policies of their respective countries and assists respective governments in fulfilling their national and international commitments, has total assets of more than $2.3 trillion. (Jhoanna Frances S. Valdez)