Public and private finance is crucial to combat climate change, IFF Board Member and former Prime Minister of France Laurent Fabius said during a special CGTN livestream on Earth Day.

Earth Day, which falls on April 22 every year, has a broad theme of "Investing in Our Planet." As the former chair of COP 21 who helped forge the landmark Paris Agreement, Fabius called for greater efforts in environmental protection and climate adaptation and emphasized that finance would play a key role.

During the interview, Fabius shared his views on the impact of the ongoing Russia-Ukraine conflict from an energy perspective. According to Fabius the conflict could either lead to a "negative result", referring to an increase in fossil fuel consumption, or a "positive result," namely the transition to renewable energies.

Fabius expressed concern over what-he-called the "climate catastrophe" and the huge financing gap that hinders the world from meeting climate commitments such as the Paris Agreement.

"We are not going in that direction in a satisfactory way when it comes to finance," said Fabius. He highlighted finance as the key and called for greater efforts from both private and public players.

"Obviously, finance is key. I would say, private and public finance. When it comes to private financing, I think the situation is better as companies understand that if you are not in line with the climate fight and climate change, you will be out of the market. And it's true for every company. Therefore, things are not going quickly enough, but they are going in the right direction," said the former French prime minister.

Fabius urged financial institutions to insist on public support to meet the commitment of $100 billion for climate finance and to invest in both climate mitigation and climate adaptation in order to have a livable future.

Speaking about the financing inequality between developing countries and developed countries, Fabius said the inequality exists, but remained hopeful that the rich countries would meet their commitments.

Underscoring the importance of carbon pricing to curb carbon emissions by setting a price, he said that it's "completely unwise to have a situation where emitting carbon is less expensive than using renewables."

According to Fabius, there should be different pricing systems globally given the different levels of development for countries but with convergence between various elements. He mentioned a "three-tier carbon pricing system" and believes that it would be a good idea, though difficult to build.

Meanwhile, Fabius also called for changes for the poorest population and regions from technical, economic and social aspects. He said social justice should be immersed in NDCs along with commitments to financial and academic figures.

Speaking about climate action from an individual perspective, Fabius said individuals, being consumers themselves, can make the right consumption choices by choosing to buy environmentally friendly products and opting for low-carbon transportation.

Fabius also called for joint efforts from states, regions, civil society and individuals to form a united front for climate change.

The IFF is an independent, non-profit, non-governmental international organization founded in Beijing in October 2003, and established by financial leaders from more than 20 countries, regional and international organizations including China, the United States, the European Union and the United Nations. IFF is a long-standing, high-level platform for dialogue and communication, as well as a research network in the financial realm, and has been upgraded to F20 (Finance 20) status.