Thread by @AmaleeAmin

Wondering what the #ClimateFinance package in Glasgow means in practise? You may want to read my thoughts on how it is ambitious both in substance & in the forward process. Both of which are essential outcomes here.

On substance, there are 3 key dimensions
1) Delivery of existing commitment by developed countries to mobilise $100bn/year to developing countries for their climate actions.
-- First the developed countries rightly express deep regret at having missed the target date of 2020

-- More welcome are the additional pledges made before & over the 2 weeks and the forward looking delivery plan that sets how countries will make good on their $100bn/year promise as soon as possible and certainly by 2023 bit.ly/3qzeRW1

2) Second is the key dimension for improving accessibility of adaptation finance for the most vulnerable countries.

-- Importantly for the first time in the UN process, it's agreed that developed countries must double finance for adaptation by 2025, setting 2019 as the baseline

-- Yet it is no longer sufficient to focus only on counting finance specifically for adaptation. All finance must now support climate resilient development. For this reason, the Glasgow-Sharm El-Sheikh work program on the global goal on adaptation being launched here is essential

-- Starting work immediately this must result in common data, tools & metrics to help ensure all public & private finance supports resiliency to climate impacts for all communities, sectors & natural ecosystems. For more on this check out my blog here: bit.ly/3DiHMkM

3) The third dimension is comprised of multiple calls for the wider international development finance community to alignment with the #ParisAgreement & better approaches to direct the $trillions into the projects that are needed for A zero & climate resilient development paths

-- An interesting element is for considering climate vulnerability when accessing concessional resources & reference to SDRs. Building on the IMF statement bit.ly/3qx5pCv these must be easy to access & non-conditional to reduce both costs of adaptation & economic losses

Now for the forward process and how that provides a solid foundation for a comprehensive new climate finance framework post 2025. Again, I now see three complementary avenues that must proceed - at pace - in mutually reinforcing ways

1) First an anad-hoc work programme that inclusive & transparent process -- essential to ensure all voices are heard. This will be supported by technical expert dialogues to

2) Another avenue for progress will be through country-led partnerships and platforms. The South Africa Just Energy Transition Partnership provides a country-led platform for mobilising low cost capital for #NetZero development bit.ly/30esqPD

3) A third avenue called for by @miaamormottley is one led by Leaders to work together on solutions to close the finance gap bit.ly/3Ci7nZD & connect the $$trillions of low cost capital seeking net zero resilient assets with country needs for sustainable infrastructure

This third avenue is less clear, yet in the corridors of #COP26 there was also much talk of other Leaders eagerness on this agenda. In particular Italy's Mario Draghi hinted at this in his speech following the Rome @g20org the weekend preceding Glasgow politi.co/30j1tui

All in all it's been a momentous couple of weeks for finance here @COP26 which IMHO has for the first time forged real economy & financial sector initiatives with the @UNFCC process. Much more work ahead -- but we at least have an ambitious credible blueprint to get this done!

— provide real economy & development finance inputs (this dropped off but for more on emerging ideas check out this paper on what may contribute towards a new finance goal 👇🏽 lse.ac.uk/granthaminstit…