The COP16 Accord has been central to the climate accords since 2009 and is an important symbol of trust. It states: "developed country Parties commit, in the context of meaningful mitigation actions and transparency on implementation, to a goal of mobilizing jointly USD 100 billion per year by 2020 to address the needs of developing countries". Developing countries rightly consider it essential for securing progress and meeting the goals of the Paris Agreement. It is the bedrock of international climate finance, underpinning international agreement and co-operation on climate action. Hence, the scaling up and accelerating of the delivery of international public finance is gaining pivotal importance.
The COVID-19 pandemic has drastically altered the context for international climate finance. The crisis presents an enormous threat but also a one-off, last-chance opportunity – to restructure economies at the pace and scale that climate science requires by integrating climate action into the economic recovery from COVID-19.
International public climate finance will have a crucial role to play in supporting a better recovery and transformation to low-carbon and climate-resilient growth. As the bedrock of international public finance, the $100 billion commitment can work in concert with all pools of finance, including the large and untapped pools of private finance.