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On December 12, we will celebrate the 5th Anniversary of the Paris Agreement which was ratified by 183 countries. With COP21, France showed strong leadership in 2015 to reach a universal agreement to limit global warming well below 2°C. We also organized the first Climate Finance Day in 2015. It was the first event to catalyze big commitments with in particular the first announcements of the exit from coal by the world’s major investors, Axa in the lead.
If Paris does not implement the Paris Agreement, who will?
French players have an even greater responsibility to respond to the urgency of the ecological transition and the Sustainable Development Goals set by the UN. This is not an easy task and it requires efforts from all of us, economic and financial actors, governments, citizens. Awareness is now clear, but what more can be done?
Today, we must put in even more efforts to meet our commitments
One of the three objectives of the Paris Agreement, clearly stated for the first time in Article 2.c, is to align financial flows towards a low-carbon economy. There is now a clear international mandate for sustainable finance, based on the Paris Agreement but also on the SDGs – which require, as a reminder, $5 trillion of investments per year, and half of it for climate.
Much has changed in the five years since COP21 :
- There is now a strong conviction about the key role that finance must play to enable an ecological, fair and inclusive transition, at the heart of French and European recovery plans;
- The economic arguments are now there: by integrating ESG criteria, sustainable finance protects the value of assets over the long term and is a source of opportunities.
- Specific investment strategies, innovative thinking, new skills and careers have emerged in this area and are a source of competitiveness and attractiveness;
- With an increased sense of urgency and a better awareness of risks, we have moved from mobilization to action, from commitments to monitoring and soon measuring their impact.
Together, let’s continue to mobilize and show our efforts and commitment to implement the objectives of the Paris Agreement for a more sustainable world!