Making Transformation Happen: Climate Finance. Policy paper for G20

van Jaarsveld, A., Rovenskaya, E. ORCID: https://orcid.org/0000-0002-2761-3443, & Sachs, J. (2023). Making Transformation Happen: Climate Finance. Policy paper for G20. IIASA Report. Laxenburg: IIASA

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Abstract

Climate finance is a key instrument to enable the global response to climate change. Special financial arrangements are required to scale up investment in mitigation alongside adaptation to facilitate the transformation of global societies to a more sustainable, resilient, and equitable future. In 2022, at UNFCCC COP27 the third pillar, a loss and damage fund, was pledged to address the impacts of climate change that cannot be reversed through mitigation or adaptation measures. However, until now, both the quality and quantity of climate finance pledges remains inadequate to fund the required interventions. This policy paper provides recommendations from a consultation process with a panel of experts, who addressed the challenges and opportunities associated with finding adequate climate finance in pursuit of climate progress and sustainable development.

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