Indeed, the Paris Agreement reaffirms that developed countries must take the lead in providing financial assistance to less well-endowed and more vulnerable countries, while encouraging voluntary contributions from other parties for the first time.
Climate finance is also needed for mitigation measures and the goal of keeping global temperature rise well below 2° C, and for even greater efforts to limit temperature rise to 1.5° C above pre-industrial levels. Large-scale investments are needed to significantly reduce emissions.
Financing the fight against climate change is just as important for adaptation, as substantial financial resources are needed to adapt to the adverse effects and reduce the consequences of climate change.
The charter committing France's public financial institutions to these issues has been signed by the Caisse des Dépôts, Bpifrance, the French Development Agency, the Pension reserve fund and the Additional pension institution of the civil service.