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A new era in international climate finance is emerging as developing countries adopt more strategic approaches to climate finance focused on a long term transition and transformation, states a new report by E3G. The report describes efforts underway in Chile, Colombia and Peru which has the potential to deliver many benefits, including accelerate the shift from the traditional supply-side bias of international climate finance to a demand-driven (“country led”) approach.

In the current economic climate, developing and developed countries face similar challenges in ensuring a rapid and steady transition to low emission and climate resilient policy choices for infrastructure and economic growth. Limited public resources at the domestic and international levels need to be used more effectively to attract private sector capital at the scale required for a global transition. Efforts to achieve the transition are however hampered by a number of complex factors, including: limited political and policy choices; lack of institutional capacity and readiness for new mechanisms; the fragmentation of the international climate finance ecosystem such as MRV and definitional issues; and the lack of predictability of climate finance flows.