– Check against delivery –
Ladies and gentlemen,
In Paris we completed a momentous task. Now the new Agreement is already in force. Surely a reason to celebrate.
But the real work still lies ahead - transforming our real economy and making finance flows consistent with the goals of the new Agreement.
The Paris achievements will not become a reality until they are transposed into investments by executives, banks and investment funds.
Our task is to kick-start this process with long term climate strategies, price signals, ambitious regulations and, last but not least, public climate financing. Germany is doubling its public climate financing from budgetary sources for the period between 2014 and 2020 from two to four billion euros. Our national development banks, the KfW and DEG, are providing funding on top of this. An aggregated funding of 7.4 billion euros makes Germany one of the biggest bilateral donors in 2015. We are also making progress internationally. Our joint goal of mobilising one hundred billion US dollars starting in 2020 is in reach.
But this will not be sufficient for transforming the global economy. We are talking billions right now, but it has to be trillions.
We urgently need an action agenda on shifting the trillions. Such an action agenda should be based on shared priorities. It should bring together governments, banks, institutional investors, civil society and all other relevant actors.
It would be wonderful, if such a new initiative would emerge from today’s dialogue.
The key task now is to implement the nationally determined contributions (NDC), the core of the Paris Agreement, and mobilise the necessary funding.
Yesterday we successfully established a new global NDC-partnership with the goal of offering more coordinated and targeted support to developing countries as they embark on the path of implementation.
Adaptation is a focus of Germany’s climate finance. Almost half of our climate financing from budgetary sources is already devoted to adaptation. It is encouraging to hear from the OECD that overall adaptation financing is projected to double by 2020.
The results of Paris must not merely guide our world's executives’ investment decisions. They also have to reach small hold farmers and slum dwellers, the poorest and most vulnerable.
In this context, I would like to highlight a fund that is achieving great things with relatively small means: the Adaptation Fund. I am delighted to announce today that we will again provide this fund with an additional 50 million euros this year.
We are also stepping up our support for climate insurance solutions in developing countries. My colleague, Development Minister Müller, has pledged another 40 million euros for the "insuresilience" initiative.
Transparency is a prerequisite for effective climate action.
We need to have more precise information about how effectively we are reducing emissions and how successfully we are adapting to climate change. This will help us identify where our support is most urgently needed.
For this purpose we agreed the "Capacity Building Initiative for Transparency" (CBIT) in Paris. My colleague, Minister Müller, announced yesterday that Germany will support this initiative with ten million euros.