France ups climate finance pledge to €5bn

Jessica Shankleman
clock

Francois Hollande calls on other countries to help meet UN's $100bn climate funding goal ahead of critical talks in Paris at the end of this year

France has become the latest country to pledge billions of dollars of funding to help some of the world's poorest countries cope with the worst impacts of climate change.

The host of this year's Paris climate change talks will increase its climate finance commitment from €3bn to €5bn (US$5.6bn) a year by 2020, said President Francois Hollande at the UN General Assembly in New York yesterday.

He said the new money would be offered as grants rather than loans to poor and vulnerable countries.

"We have to make sure that emerging economies, developing countries can be sure they will be helped," Hollande said.

He also called on other countries to set out their funding plans ahead of the Paris climate talks, when the UN is hoping to deliver on a previously agreed target to mobilise $100bn of climate finance a year from 2020.

"Between now and Paris in two months' time, we will have to continue mobilising finance through the World Bank, development banks, private banks and states to make sure we do reach that level," said Hollande.

France's pledge comes after the UK on Sunday announced it would increase its climate funding to £5.8bn between 2016 and 2021, which represents a doubling on the pledge from the past five years.

China last week also promised $3.1bn through a new South-South climate co-operation fund, fuelling hopes that the Paris Summit may yet deliver a breakthrough on the contentious topic of climate funding.

This article is part of BusinessGreen's Road to Paris hub, hosted in association with PwC

More on Policy

Study: 1,200 Olympic swimming pools of water lost each day due to 'crumbling infrastructure'

Study: 1,200 Olympic swimming pools of water lost each day due to 'crumbling infrastructure'

Three billion litres of water are wasted every day through leaky pipes, costing customers almost £400m a year, according to a new Lib Dem-backed analysis

Stuart Stone
clock 14 April 2025 • 5 min read
Government urged to fast-track green steel plans for Scunthorpe steelworks

Government urged to fast-track green steel plans for Scunthorpe steelworks

As government races to keep blast furnaces operating, calls grow for Ministers to deliver promised strategy for modernising and decarbonising the UK steel industry

James Murray
clock 14 April 2025 • 7 min read
Global Briefing: Norway eyes 70-75 per cent CO2 cuts by 2035 in draft climate plan

Global Briefing: Norway eyes 70-75 per cent CO2 cuts by 2035 in draft climate plan

Plus EU Parliament and Council agree rules tackling microplastic pollution, Germany's likely coalition government agrees on climate platform, and Benin partners with VCMI to harness carbon credit revenues

Stuart Stone
clock 11 April 2025 • 11 min read