CPI has created the Climate Finance Reform Compass to facilitate consensus and coordinate action among governments, civil society, and the private sector on the full range of international financial architecture reforms needed to meet the global climate challenge.
The Compass identifies pragmatic goals and milestones for action across nine thematic areas and 29 key reforms, aligned with the COP28 UAE Global Climate Finance Framework, noting the current status and where we need to be by 2030.
The reforms covered by the Compass are organized into nine themes that align with the principles laid out in the COP28 UAE leaders’ declaration on a Global Climate Finance Framework:
- Commitments and Ambition
- Fiscal Space for Climate Action
- Concessional Finance
- Just, Country-Owned Transitions
- Country Platforms
- MDB Reform
- Domestic Resource Mobilization
- Private Finance
- Carbon markets
Within these themes are a number of key reform topics or challenges to be tackled by different groupings of actors across the international finance architecture.
For each topic, the Compass identifies a long-term (2030) goal that will help achieve a just climate transition and achieve the goals of the Paris Agreement. The Compass also provides a description of the current status of each topic, identifies key decision-makers and supporting actors, and lists initiatives and resources. Where feasible, the Compass also provides milestones for the topics at key events at which global climate priorities will be established through the end of 2025, including meetings of the G20, United Nations, World Bank-IMF boards, and more.