G8 Finance Ministers Support Climate Investment Funds
14 June 2008: G8 Finance Ministers, meeting in preparation for the Summit of the G8 Heads of State and Government in Hokkaido-Toyako, met from 13-14 June 2008, in Osaka, Japan, and agreed to the “G8 Action Plan for Climate Change to Enhance the Engagement of Private and Public Financial Institutions.” In their final statement, Ministers supported the launch of new Climate Investment Funds (CIFs) by the World Bank, which will complement existing bilateral and multilateral efforts, until a post-2012 framework under the UNFCCC is implemented.
These funds include the Clean Technology Fund and the Strategic Climate Fund, which the Finance Ministers agreed should be consistent with national mitigation plans proposed by developing countries. Their joint statement also notes that, “Together these funds will scale up public and private finance for the deployment of clean technologies, the prevention of deforestation and development of climate resilient economies in developing countries, as described in our separate statement on the CIFs.”
The Finance Ministers also discussed the critical roles of the private sector in providing large-scale investment into low carbon activities, and welcomed innovative financial products and employing environmental guidelines for financing projects, urging multilateral development banks to play key roles in increasing needed investments and helping developing countries to integrate climate change into their overall development strategies. [G8 Finance Ministers Meeting] Photo credit: G8 Finance Ministers