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Home Business The Climate Finance Pact, an initiative to finance the ecological transition

The Climate Finance Pact, an initiative to finance the ecological transition

Political figures and members of civil society, from Alain Juppé to Nicolas Hulot, are mobilizing this Tuesday, February 19 to advocate for the creation of a European Climate Bank, funding the transition to a low carbon economy model

There will be no less than three former prime ministers in the large amphitheater of the University of Jussieu, in Paris, to support the finance and climate pact on the evening of Tuesday 19 February: Laurent Fabius, Alain Juppé and Jean-Marc Ayrault will make part of the political personalities present. They will be surrounded by former members of European governments such as former British Foreign Minister Denis McShane, or his Italian counterpart Sandro Gozi, but also Nicolas Hulot and Jean-Louis Borloo, as well as many representatives of civil society who are mobilized for the climate.

All will be there to support a climate pact project aimed at generating, at the European level, massive funding for the ecological transition. This project was developed by climatologist Jean Jouzel and Pierre Larrouturou, agronomist and spokesperson for the finance and climate pact.

Pierre Larrouturou: A Marshall Plan for the climate

A European Climate Bank

During an evening at the University of Jussieu, the initiators of this pact will detail their proposal. It has two parts. The first is the creation, at European level, of a climate bank which would be a subsidiary of the European Investment Bank (EIB) and would have the task of providing each Member State with zero interest loans, up to 2 % of each country's GDP to finance the ecological transition in all sectors of the economy.

This bank would be capitalized thanks to monetary creation: "The European Central Bank has added over € 2,600 billion to its balance sheet since 2014, says Pierre Larrouturou. She made this effort to save growth. She could do the same to save the climate. "

A European budget of 100 billion

The initiators of the Pact also plead for the creation of a European budget of 100 billion euros dedicated to the climate transition. It would be fueled by a contribution from major groups and would be used to subsidize research, help Africa, and support individuals who change their boilers or perform insulation work.

Encouraged by the climate change campaigns launched by young people, which are increasing in the countries of northern Europe and Belgium, the initiators of the Pact think they can gather 13 or 14 European countries around a draft treaty that would give birth to the Climate Bank. "We hope that our project can be put on the table for the next EU summit on March 21st"explains Pierre Larrouturou.

A call to President Macron

During the evening in Jussieu, the leaders of several political parties should be there, including Olivier Faure for the Socialist Party, Yannick Jadot for Les Verts and Claire Nouvian for Place Publique. The participants will make a solemn appeal to President Macron and to all the European leaders to support this draft climate finance pact. "I was received eight times at the Élysée to discuss this project. It's good that the president is interested in it ", says Pierre Larrouturou. Many members of the majority party also support the project.

In the face of ecological threats, an early mobilization of young people

"Four more MPs from La République en Marche joined us today"he says. Thus, more than half of LREM deputies would have signed in favor of the Pact, according to the spokesman. The full list of supporters is to be unveiled this evening, 19 February.

Alain Guillemoles

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