A climate finance framework: decisive action to deliver on the Paris Agreement

The Independent High-Level Expert Group (IHLEG) on Climate Finance delivered its initial report at COP27, setting out the scale of investment that is necessary in emerging markets and developing countries (EMDCs – other than China) for climate and development, along with implications for different pools of finance. One year on, the pressing need for decisive action to tackle climate change and achieve development goals has become even more evident – yet EMDCs are falling behind. More ambitious and targeted strategies are needed to prevent these nations from being further disadvantaged in the global climate and development agenda. This new report from the IHLEG on Climate Finance, mandated by the COP27 and COP28 Presidencies, focuses on the actions required to deliver a reformed holistic framework for climate finance that can impart the necessary strong impetus to the acceleration and implementation of climate action in EMDCs.