"Good afternoon, it’s a pleasure to speak to you today.
Governments and businesses around the world are continuing
to respond to the immediate and acute challenges posed by
the covid pandemic.
But we know that the climate crisis has not taken any time
off.
We must ensure that the global recovery delivers a greener,
more inclusive and more resilient future for all our
peoples.
One that delivers on the commitments of the Paris Agreement
and meets the Sustainable Development Goals.
I would like to congratulate President Macron and
Secretary-General Guterres for their leadership in holding
this event.
The first ever global summit of public development banks.
Finance has a pivotal role in tackling climate change.
The IPCC estimate that limiting temperature rises to 1.5
degrees would require global energy investments of around
$3.5 trillion a year until 2050.
And public finance has a crucial role to play in
stimulating private investment.
Last year, Prime Minister
announced a plan to double UK climate finance to £11.6bn
over the period 2021-2025.
And we call on others to match that ambition.
The OECD has estimated that climate finance from developed
countries reached 79 billion dollars in 2018, up 10 percent
from the year before.
And that bilateral and multilateral public finance has
increased by 64 percent since 2013.
This shows progress, but there is much further to go.
Donors must meet and surpass the goal of mobilising $100
billion a year.
And our COP26 Presidency will focus on working with others
to mobilise funds and improve access for adaptation and
resilience.
Before COP26, we need to see all public development banks
coming forward with clear plans.
Including target dates by which their operations will be
fully aligned with the Paris Agreement.
The Finance in Common Summit Declaration will point the way
forward for our work.
Focusing on the green recovery and accelerating progress
towards the Sustainable Development Goals.
And on 12 December, the UK, the UN and France will co-host
a Climate Ambition Summit, in partnership with Chile and
Italy. And I invite leaders to use this as an opportunity
to announce new commitments under the three pillars of the
Paris Agreement; mitigation, adaptation and support.
Working together, we can deliver the greener, more
inclusive, more resilient future that we all want to see.
Thank you."
