16 October 2015: The Co-Chairs of a climate finance ministerial meeting hosted on 9 October by the Governments of Peru and France have released their conclusions. The conclusions focus on four areas: enhanced transparency on mobilizing US$100 billion; perspectives on increased climate finance by 2020; transitioning to low-carbon and climate-resilient development; and national strategies and international cooperation to support low-carbon and climate-resilient growth.

The meeting was convened during the 2015 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), the 9-11 October in Lima, Peru. It aimed to provide the UNFCCC negotiations with “useful insights and momentum,” while respecting the UNFCCC as the only legitimate forum for climate finance-related negotiations.

On enhanced transparency on the US$100 billion mobilization, the Co-Chairs’ conclusions note that: the need to meet this goal was reaffirmed; participants recognized the importance of building a common understanding on accounting and reporting methods; and the report by the Organisation of Economic Co-operation and Development (OECD) on Climate Finance in 2013-2014 could inform the ongoing work of the Standing Committee on Finance (SCF) of the UNFCCC.

On perspectives on increased climate finance by 2020, the conclusions note that prominent announcements were made by a number of States and international institutions during the meeting. These came from China, France, Germany, Luxemburg, the Netherlands, Sweden, the UK, the European Commission, the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the Inter-American Development Bank (IDB) and the World Bank.

On transitions to low-carbon, climate-resilient development, the note stresses that a “massive shift of capital will be required… in which the private sector must play a crucial role.”

On national strategies and international cooperation, the Co-Chairs note that participants stressed the profound linkages among mitigation and adaptation, poverty reduction and sustainable development, and the need for developed countries to continue taking the lead in providing international support.

The climate finance ministerial meeting was co-chaired by Alonso Arturo Segura Vasi, Minister of Economy and Finance of Peru, and Michel Sapin, Minister of Finance and Public Accounts of France. Describing the meeting as “unprecedented,” the Co-Chairs suggest that it demonstrated a strong commitment of finance ministers from both developed and developing countries to further the mobilization and transparency of climate finance. [COP 21 Presidency Publication Webpage] [Co-Chairs’ Conclusions of the Climate Finance Ministerial Meeting] [IISD RS Story on World Bank/IMF Annual Meetings] [IISD RS Story on OECD Report on Climate Finance in 2013-14]