Rethinking Climate Finance: Why More Countries Should Step Up

Since 1992, a group of wealthy nations, classified as “Annex II” under the United Nations Framework Convention on Climate Change (UNFCCC), has borne the primary responsibility for financing climate action in developing countries. However, more than three decades later, this arrangement is increasingly out of step with present realities. Faced with escalating climate challenges and a rapidly evolving geopolitical and economic landscape, a recent study by Pauw et al. (2024) makes a compelling case for broadening the pool of climate finance contributors beyond the traditional list.