Global Game of Climate Finance Mechanisms and China’s Response

Abstract

Global climate change is reshaping national development paths and the landscape of global governance. Since the conclusion of the United Nations Framework Convention on Climate Change (UNFCCC) in 1992, the international community has gradually formed a multilateral system centered on the Kyoto Protocol and the Paris Agreement, establishing principles such as common but differentiated responsibilities and respective capabilities, and carrying out cooperation in areas including mitigation, adaptation, finance, and technology. Since the Paris Agreement entered into force, climate finance has grown in importance and become a key pillar supporting climate action in developing countries and driving the green transition. From the billion-dollar pledge in 2009 to the New Collective Quantified Goal (NCQG) after 2025, the climate finance issue is undergoing a leap from billions to trillions of dollars, with the allocation of responsibilities, funding sources, and governance rules becoming focal points of negotiations. As demonstrated at the 30th Conference of the Parties (COP30), held in Belém, Brazil, in November 2025, divergence over issues such as the responsibility boundaries under Article 9.1 of the Paris Agreement, fund governance rules, and the Baku to Belém Roadmap to 1.3T continues to deepen, while developing countries’ demands for equity and accessibility have grown more intense. Meanwhile, climate diplomacy platforms are becoming increasingly diverse, through which interactions among entities such as G20, BRICS, and the Global South take place. The funding issue has gradually evolved into a game over development rights and institutional power. Looking ahead, China’s role in global climate finance governance and negotiations will attract even greater attention.