France provided 7.2 billion euros to developing countries in 2023, a decreasing figure, reveals Bercy just before COP29

These sums, which generally pass through the French Development Agency, mainly take the form of loans.

The announcement comes three days before COP29 in Baku (Azerbaijan), which should focus on financing. The General Directorate of the Treasury made public, Friday November 8, the 2023 amount of France's “climate financing”. They are therefore down 5% over one year, but still among the highest in the world. In detail, in 2023, France has provided 7.2 billion euros to projects with positive impacts for the climate in developing countries, including 2.8 billion which are dedicated to adaptation to climate change, specifies the press release from the Ministry of Economy and Finance. These sums, which generally pass through the French Development Agency (AFD), mainly take the form of loans (79%) and donations (15%).

France had spent some 7.6 billion euros in 2022, or around 400 million more than in 2023. “Low level variations depend on when financing is approved by the AFD or the Treasury”explains Bercy. “For example, if a project is approved in January rather than in December, this automatically lowers this figure. This explains this difference between 2022 and 2023, which is therefore not strictly speaking a reduction”specifies the text. The Minister of the Economy, Antoine Armand, believes that “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”.

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 Bercy 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 [930 milliards d’euros] per year of climate financing for developing countries until 2025″adds the press release.

This global objective was exceeded for the first time in 2022, with 115.9 billion dollars (107.5 billion euros) recorded by the OECD, the Organization for Economic Co-operation and Development. At COP29 which starts on Monday November 11, countries around the world will try to obtain a more ambitious goal for after 2025.

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