Dear colleagues,

despite the progress made after the Paris Agreement, we continue to face an evident “adaptation gap”. And inadequate responses are not only amplifying the impacts of climate change, but increasing tensions over the scarcity of resources and hampering progress towards sustainable development. I therefore believe that this first Global Stocktake needs to mark a turning point, send a clear political message and build a more efficient framework for our common efforts.

Adaptation is a priority for all, and it is a priority for Italy, which, as a Nation in the Mediterranean – one of the planet’s geographical areas identified as a climate “hot spot” – is well aware of its responsibilities, not only internally but in the global context.

This is why we are working, with determination, to respond to the call made at COP26 for the industrialized Nations to double, collectively and by 2025, their support to help developing Nations face the consequences of climate change. Italy intends to direct an extremely significant share of the Italian Climate Fund – whose overall endowment is 4 billion euro – to the most vulnerable Nations of Africa, for initiatives aimed at mitigation and adaptation to climate change. Not, however, through a charitable approach, because I think that Africa does not need charity. It needs to be put in the condition to compete on an equal footing, in order to grow and prosper thanks to the multitude of resources that the continent has. A cooperation between equals, rejecting paternalistic and predatory approaches.

I am also happy to announce that Italy will contribute 100 million euro to the launch of the Loss and Damage Fund, to the benefit of the most vulnerable Nations. I think the Presidency did a great job on that, so it was up to us to give our signal of what we think about the work you have been doing.
On the one hand, being effective requires a great deal of resources, which the public sector alone will not be able to mobilize, so it is essential to accompany the public effort with the involvement of private investment, ensuring a market open to free competition but protected from unfair competition. On the other hand, even being able to mobilize many resources will not be enough if we fail to ensure and facilitate access to these resources by strengthening the promotion of favorable financial climates and working on insurance schemes linked to climate risks, as Italy is already doing.

The role of Multilateral Development Banks is of the essence, but we cannot hide the fact that they need to be reformed and adapted to today’s context.

Clearly, individual Nations can do little without international collaboration, and each multilateral forum must know how to play its part. And that is what we intend to do also with our G7 Presidency next year. 

Thank you very much.