Is There Room for Coherence in Climate Financial Assistance?

Abstract

This article takes a closer look at the complex web of financial assistance mechanisms in the climate change sector. These mechanisms are important tools for assisting developing countries to address the challenges associated with climate change. Mapping the various types of institutions and funds in this sector, the author underlines the important role played by the private sector but also highlights the increasing presence of financial mechanisms under the aegis of international organizations, such as the World Bank. Moreover, a particular focus is placed on the Green Climate Fund and the way in which the establishment of this mechanism may affect the functioning of existing financial mechanisms. In calling for better communication, coordination, and coherence among these actors and mechanisms, the author suggests that these ends may be achieved by placing an emphasis on plurality, complementarity, and mutual support through, inter alia, more effective policy oversight and enhanced inter-institutional relations.

Keywords

• climate financial assistance
• mitigation
• adaptation
• Green Climate Fund
• Global Environment Facility
• fragmentation
• Climate Investment Funds
• coherence
• financial mechanisms
• multilateral development banks