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The IDFC Annual Meeting is being held in conjunction with the 2023 Annual Meetings of the World Bank and IMF in Marrakech, Morocco.

Javier Diaz Fajardo and Serge Ekue elected IDFC Co-Chairs

In its Green Finance Mapping for 2023, the IDFC reports a total financing balance of US$1,500 billion since 2015, with a record US$288 billion in 2022.

First mapping of IDFC gender financing

IDFC position paper on alignment with the SDGs

Marrakech, October 15, 2023 – The International Club of 26 leading national and regional Development Banks met for its Annual Meeting, on the sidelines of the 2023 Annual Meetings of the World Bank and IMF. This IFDC assembly was marked by elections for the steering committee and presidency, and also provided an opportunity to review the IDFC’s work program, reflecting our collective commitment to achieving the Sustainable Development Goals.

Co-presidency of IDFC

The Club elected Javier Diaz FAJARDO, Chairman of Bancoldex, and Serge EKUE, Chairman of BOAD (Banque Ouest Africaine de Développement) as co-chairmen of the IDFC, for a 2-year term. The Club will benefit from the complementary mandates, geographical positioning and shareholding structures of the two institutions, as well as their strong commitment to aligning BPD with the 2030 agenda, in order to strengthen BPD’s capabilities and develop financially sustainable projects.

“We believe that sharing common challenges, ambitions and goals enables us to address global issues with local solutions from a development banking perspective. By bringing new perspectives to the IDFC co-presidency, we will make it more relevant for future generations and for meeting international development commitments.”said Javier Díaz FAJARDO, President of Bancóldex.

“Sustainable development and the fight against climate change can only be achieved by the financial players that we are. Our mission is to build on the achievements of the IDFC and the commitments of its members to further support the economic frameworks of the countries with which we are engaged, while reducing inequalities and promoting environmental sustainability.” said Serge EKUE, President of BOAD.

After three consecutive mandates, Agence Française de Développement is pleased to continue its commitment by hosting the IDFC Permanent Secretariat in Paris, France.

The Club also re-elected its 13-member steering committee, and added BOAD to its mandate as new co-chair.

IDFC green finance mapping

Since 2011, IDFC has carried out a periodic mapping of member institutions’ contributions to green finance. In 2022, its members declared a record US$288 billion in total green finance commitments, an increase of 29% on 2021. In total, their green finance commitments have exceeded US$1.5 trillion, since the Paris Agreement was signed in 2015. This is the result of IDFC members’ unique ability to provide large-scale green financing. Mitigation funding has reached its highest level to date (US$245 billion), up 31% on 2021. Adaptation funding also reached a record level, with an increase of 52% to US$31.6 billion. The increase in adaptation funding follows the commitment made by its members to increase their funding for adaptation as part of the IDFC’s state of ambition (in 2021). Overall, more than half the members (14) have increased their green commitments in 2022, returning to or exceeding pre-pandemic levels. Funding for biodiversity projects remained stable in 2022, with a total of US$18.2 billion.

Key findings:

  • A record US$288 billion in green financing by 2022
  • US$1.5 trillion in total green financing since 2015
  • 245 billion US dollars for mitigation financing in 2022
  • Adaptation funding rose by 52% to a record US$31.6 billion.
  • US$18 billion for biodiversity funding by 2022.

IDFC Green Finance Mapping 4 pager

COP 28

For the fourth year running, the IDFC is hosting a pavilion in the Blue Zone at COP28, taking place in Dubai from November 30 to December 12.

The Club is planning more than 40 events organized by nine (9) members (AFD, BICE, BNDES, CABEI, CAF, DBSA, JICA, KfW and PTSMI) and 7 partners (MCI, I4CE, IDDRI, UNOPS, UNEHS, ETP and CPI).

Key themes are emerging in climate finance, such as energy, biodiversity, deforestation, cities, oceans and alignment with the Paris objectives.

IDFC’s first gender mapping monitoring tool

The IDFC has published its first Gender Mapping tracking and reporting tool so that its members can review and monitor their commitments to gender equality.

This first mapping of IDFC gender financing for 2021 was carried out with the support of 9 members: AFD, BICE, CABEI, CAF, DBSA, HBOR, KFW, NAFIN and TSKB. They declared that they had committed nearly 10 billion euros to gender-focused and gender-sensitive projects. This represents almost 20% of the new commitments declared by the 9 BPDs in 2021 (i.e. 54.5 billion euros).

It shows how BPDs are gradually integrating gender as a primary or secondary objective into their investments. This is a key element in identifying the needs and sectors to which we should give priority, in order to achieve MDG 5 on gender equality. The survey will now be conducted on an annual basis, providing IDFC with a baseline for the future.

IDFC gender mapping

Position paper on the SDGs

The UN summit on the SDGs, held in September, marked the mid-term implementation of the Agenda 2030 and the Sustainable Development Goals; to contribute to this milestone, the IDFC has strengthened its ambition through a position paper on alignment with the SDGs.

In this document, the IDFC presents a framework for Public Development Banks’ alignment with the SDGs, as well as the individual information and commitments of the various IDFC members, reflecting the implementation of the SDGs.

Based on the principle of the compatibility of financial flows with the achievement of the SDGs, the framework includes concrete elements for their implementation, at three levels: (1) the entity (policies and strategies, human resources and benefits), (2) operations (processes and tools, products and services, accountability) and (3) external partners (stakeholder mobilization).

IDFC is also willing to pursue strategic dialogue with other stakeholders in the wider financial community to reach a common understanding of what it means to align financial flows with the SDGs.

IDFC elements for implementing alignment with the SDGs

About IDFC

The International Development Finance Club (IDFC), created in 2011, is the leading international group of 26 national and regional development banks, most of which operate in emerging markets. It is the world’s largest provider of public development and climate finance, with combined assets of US$4,000 billion and annual commitments in excess of US$800 billion, including US$170 billion a year for climate finance. The main function of IDFC members is to support national policies, while transferring international priorities to their own constituencies. They are aligned with the Sustainable Development Goals (SDGs) and programs of the Paris Climate Agreement, working together to implement them. Through IDFC, and in close partnership with other development bank networks, members join forces as a platform to promote and leverage sustainable development investments worldwide.

To find out more about IDFC, visit our website or follow us on X and LinkedIn.

Press contact: Gwladys Le Roy leroyg.ext@afd.fr