CDC: Climate Change

Department for International Development written question – answered on 14th July 2020.

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Photo of Fleur Anderson Fleur Anderson Labour, Putney

To ask the Secretary of State for International Development, with reference to the CDC Group's climate strategy, published on 2 July 2020, what assessment her Department has made of the compliance of CDC Group's on-going investments with the standards set out in that climate strategy.

Photo of James Duddridge James Duddridge Parliamentary Under-Secretary (Foreign and Commonwealth Office) (Joint with the Department for International Development)

CDC has published an ambitious new climate strategy that commits CDC to a portfolio-wide approach to achieving net zero by 2050, a just transition and stronger focus on adaptation and the building of climate resilience. A target to invest 30% of total annual commitments in 2021 in climate finance has been set.

DFID has closely engaged with CDC on the development of their new climate strategy. The commitments set out are forward-looking and will ensure CDC’s approach to aligning with the Paris Agreement is fully embedded within its investment processes.

The new climate strategy builds on steps taken by CDC over recent years to integrate climate risks and opportunities into investment decision making, whilst continuing to focus on the world’s poorest countries. Over the last 3 years, CDC has made climate related investments totalling over $1 billion in renewable energy, forestry and energy and water efficiency projects.

This policy is not retrospective. Investments made prior to the launch of the climate strategy were made in accordance with policies and requirements at the time those decisions were made.

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