La Cassa Depositi e Prestiti has obtained authorization to access the resources of the “Green Climate Fund”. This is the global fund sponsored by the United Nations to achieve investments against climate change in developing countries.
CDP is the first Italian financial institution to obtain this go-ahead. The funds, the Cassa explains in a note, will be used "to further strengthen activity in the field of international cooperation, in support of sustainable projects".
The "Green Climate Fund", established in 2010 by 194 Countries which have adhered to the United Nations Framework Convention on Climate Change, aims to promote the transition towards a sustainable and low-carbon development model. It has an endowment of 10,3 billion dollars and has already committed approx 5,2 against total investments incurred equal to 18,7 billion, also considering the contribution of the co-financiers.
After the signing of the Paris Agreements on climate (COP21), the Gcf has assumed an even more central role in the global climate agenda. To date, Italy is the seventh contributing country to the Fund and is represented on the Board by the Treasury with the support of the Ministry of the Environment.
In addition to CDP, the financial institutions accredited to the Gcf are 88, including the World Bank, the Inter-American Development Bank, the Asian Development Bank, the German Kfw and the French Afd.
