Climate Finance: Institutions, Flows and Emerging Landscape

Abstract

Climate finance flows at the global level are not satisfactory despite an international mandate and a cooperative framework under the United Nations Convention on Climate Change (UNFCCC). While needs are rising, the gap in actual flows is also growing, causing discontent in developing countries. The process of addressing these concerns began in 1992 but has not yet reached maturity. This paper attempts to give a short historical account of the institutional measures taken for generating and providing climate finance and the relative success or failure of the processes. Steps taken since the adoption of the UNFCCC in 1992 till 2024 when the most recent climate conference was held in Baku are outlined, and the role of stakeholders in the emerging global architecture on climate finance is briefly described.