Meeting the objectives of the Paris climate agreement will cost $ 1,000 per year per capita, French Economy Minister Bruno Le Maire said Friday. He is asking for a refinancing of the Green Climate Fund at the G7 Biarritz.
"Global warming is expensive, and the assessment we have to meet the objectives of the Paris agreement is $ 1,000 a year, per capita, in the coming years," he said. the Élysée after meeting economic actors.
"Mobilization of all international organizations"
"For this, we need a mobilization of all international organizations, the World Bank, the European Investment Bank and we want that at the G7 Biarritz, there are a number of announcements on the Green Climate Fund, "he continued. He said he called his counterparts G7 finance ministers "to ask them to participate in this refinancing".
The Green Climate Fund, which was established in Cancun, Mexico, in 2010 and launched in Durban, South Africa, in the following year, primarily benefits developing countries most vulnerable to climate change. .
Financial flows oriented towards the fight against global warming?
Its initial goal was to mobilize $ 100 billion a year from developed countries for developing countries. The Paris agreement had subsequently reaffirmed this goal by extending it until 2025. Beyond this fund, Bruno Le Maire wants to mobilize "technical instruments to guide financial flows towards the fight against global warming and energy. renewable ".
"For that, we need to have reliable, precise, neutral indicators that can be made available to asset managers, banks, insurance companies so that they can direct the savings of individuals towards fight against global warming and renewable energies, "said the minister, who also said he created with his counterparts" a coalition of finance ministers for green finance. " This will "make a number of proposals in the coming weeks and months" to "provide all the necessary financial means to fight against global warming," he promised.