The New Framework for Climate Finance Under the United Nations Framework Convention on Climate Change: A Breakthrough or an Empty Promise?
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In this chapter, we first show that the framework for climate finance under the United Nations Framework Convention on Climate Change (UNFCCC) has been controversial, fragmented and insufficient to meet the growing financing needs of developing countries for adaptation and mitigation. We then describe and analyze the reformed framework for climate finance under the UNFCCC. We argue that the establishment of the Green Climate Fund constitutes an important milestone and progress has also been made in other respects. However, long-standing divides and mistrust between developed and developing countries have shaped the negotiations and continue to be reflected in their outcomes (and non-outcomes). This, together with the lack of clarity over long-term sources of finance, casts shadows over the future effectiveness of the new framework.