Implementing Provisions on Climate Finance Under the Paris Agreement

Abstract

This article examines the substantive and procedural rules on climate finance adopted as part of the Paris Rulebook. It finds that the Rulebook has occasioned some important progress, less on substance than on procedure facilitating greater transparency. On substance, the Rulebook recognizes the existing goal by developed-country parties to the unfccc to raise $100 billion of climate finance per year by 2020 and it provides for a process to be initiated in 2020 to determine a new collective goal that will be no less than the existing one. On procedure, the Rulebook establishes extensive reporting obligations for improved understanding of climate-finance flows. By examining the implementation challenges and gaps, this article discusses whether the climate-finance provisions of the Paris Agreement as developed through its Rulebook will be able to remain consistent with the applicable principles of international law on climate finance and thus drive a comprehensive shift in finance flows.