While developed countries’ commitment to jointly mobilise $100 billion a year by 2020 to support developing countries on climate action is an important symbol of trust, we must also look beyond this aggregate number. How is this financing being provided and is it fit for purpose in terms of ensuring progress towards equity and climate justice?
This report from the Finance Working Group of the independent Global Stocktake (iGST) seeks to answer these questions by exploring the extent to which the main instruments (debt, equity investments, grants, guarantees and insurance) used to deliver climate finance can be grounded in principles of equity and climate justice. It considers instruments for financing mitigation and adaptation, as well as addressing climate-induced losses and damages. Given the current ambiguity about how equity will be addressed in finance themes of the Global Stocktake (GST), the mechanism through which progress toward achieving the goals of the Paris Agreement will be measured, the findings of this report can help to inform principles and benchmarks that can be used in the GST.
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Using the right mix of financial instruments to provide and mobilise climate finance: lessons for the Global Stocktake
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