French President Emmanuel Macron is hoping the One Planet Summit will encourage wealthy countries and global companies to commit more funds to combat global warming.strategies.
His first success comes after the World Bank says it will no longer finance upstream oil and gas projects after 2019.
"We put together a plateform called Invest for Climate that is a way to bring development finance, local, national finance, public sources and private finance," she says. "So we can close gaps when they exist because to agregate funding is critical. Low carbon transition is happening but it is still fragmented. We have to bring everybody together in a much more powerful manner."
Developing nations say they need billion of dollars a year to switch to greener energy sources. And initiatives to encourage private sector investment are in the pipeline.
“I understand that private investors come and consider investments for example in Africa, that they would like to have this additionnal reassurance," he says. "This is what we want to provide by so-called risk garantees that we are going to offer in the volume of 4.1 billion euros which simply says 'come and invest, if you have any doubt, if you have any worries, the first losses are on us'.”
The objective of the summit is to transform the political promises made two years ago into concrete actions. But it's also about testing the willingness of the private sector to commit to the climate change fight.