COP 29: France's “climate financing” down slightly in 2023

Declining numbers. The General Directorate of the Treasury made public this Friday, November 8, the 2023 amount of “climate financing” of France, down 5% over one year, but still among the highest in the world, three days before COP29 in Baku (Azerbaijan). Last year, France provided 7.2 billion euros to projects with positive impacts for the planet in developing countries, including 2.8 billion dedicated to adaptation to climate change, specifies the Bercy press release. .

France’s “fair share” exceeded

These sums, which generally pass through the French Development Agency, mainly take the form of loans (79%) and donations (15%). The country had spent some 7.6 billion euros in 2022, or around 400 million more. “We must collectively do better to mobilize all sources and financing instruments and further involve the private sector in a partnership approach essential for achieving our climate objectives”reacted the Minister of the Economy, Antoine Armand.

Despite the decline, these figures place France among the main contributors to international climate finance. Within the European Union, France is the second contributing country behind Germany, and represents 31% of European climate financing provided in 2023, according to the press release. “France is thus considered as one of the countries most clearly exceeding its 'fair share' in the objective set at COP15 in 2009, where developed countries collectively committed to mobilizing 100 billion dollars per year of climate finance for developing countries until 2025.”