The Canfin-Grandjean Commission on Innovative Financing has submitted its report to the Élysée Palace

The independent commission on innovative financing, chaired by Alain Grandjean and Pascal Canfin, presented its report to the President of the Republic. This initiative, proposed by Nicolas Hulot to François Hollande, aims to put forward proposals designed to harness finance to combat climate change.

More specifically, this report advises the French government on how to advance the agenda for innovative financing in the various international forums in which it participates (G7, G20, IMF, OECD, etc.). It proposes a roadmap for financing a low-carbon economy.

With just a few months to go before COP21, financing is one of the key factors in the success of the negotiations aimed at reaching a global climate agreement. This roadmap highlights three key objectives for ensuring the transition to a low-carbon global economy:

• engage economic and financial decision-makers—both in the private and public sectors—particularly in the field of infrastructure
• fulfill the promises made in Copenhagen in 2009 to provide 100 billion (public and private) per year starting in 2020 to support developing countries, and explore possible options for financing this commitment.
• support the most vulnerable countries, particularly in the area of climate change adaptation

In their report, Alain Grandjean and Pascal Canfin highlight the key elements needed to ensure these goals are met: setting a carbon price by adopting a global price corridor

• Mobilize development banks, which must establish a 2°C roadmap before COP21.
• promote funding for "green" infrastructure
• Incorporate climate change risks into private and public investments and assess the contribution of these stakeholders to the energy transition.

They are making ten specific proposals to ensure that their recommendations are included on the agenda of the relevant international bodies and institutions.

The full report is available at the following link

Photo credit: Office of the President of the Republic – Marie Etchegoyen