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International Climate Finance from a Global Perspective

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Publication Date: 11-2023

The Paris Agreement reaffirmed the commitment to provide USD 100 billion in international climate finance to developing countries by 2020. This Working Paper delves into the history and challenges of international climate finance. The complexities tied to diverse definitions and accounting practices, have led to disputes over climate finance figures, as well as the struggle of developed countries to meet the USD 100 billion annual target. With the need to mobilize finance for addressing loss and damage (L&D) gaining traction in UN climate negotiations, the paper examines how similar challenges may hinder progress on the L&D agenda. Thus, fostering trust between donor and recipient countries in the context of financial support pledges under the Paris Agreement is crucial to overcome these challenges. Published before COP 28, the paper identifies how key negotiation processes, like the New Collective Quantified Goal on Climate Finance (NCGG), have the potential to change the status quo.

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