Paris needs to be a watershed moment on climate finance, Janos Pasztor, UN Assistant Secretary-General for Climate Change, told a meeting of the International Development Finance Club today, adding that the world needs bold leadership from the finance and business communities in moving toward a low-carbon, climate resilient global economy.

“You and your colleagues hold the key to unlocking one of the most challenging issues in the global climate negotiations: finance,” he told the meeting of banking and finance leaders.

“At the end of this year, governments of the world will gather in Paris seeking to adopt a new, meaningful and universal climate change agreement. Your task here is nothing less than to help define the climate finance road map that will support such an agreement.”

Pasztor said that UN Secretary-General Ban Ki-moon wanted to work with finance leaders, along with the Government of France, to ensure that Paris becomes a watershed for mobilizing climate finance and delivering on both the commitments that have been previously, and the expectations that are shared for a safer, healthier and more prosperous future.

Action is needed on climate finance in five areas, Pasztor said, including action by developed countries need to provide politically credible pathways for mobilizing the US $100 billion per annum by 2020; action by the Green Climate Fund to approve projects and disburse funds; supporting the drivers of low-carbon growth; ensuring that private sector finance commitments announced at the Climate Summit are delivered and new commitments are mobilized; and that a comprehensive finance package for the least developed countries and the small island developing states is outlined that would support to low-carbon, sustainable development.