STUDY A Shot in the Arm for Climate Finance? New Directions for Delivering on International Pledges and Development Frank Schroeder December 2010 n While a large number of mechanisms for financing climate change mitigation and adaptation have started to develop at the global level, the total level of financial resources falls far short of what is actually needed. A system for monitoring, report­ing and verifying climate finance flows will be important to enhance the credibility of climate funds. n Industrial nations have pledged assistance in fast start financing and committed to the goal of mobilising jointly 100 billion US dollars a year by 2020. The report of the UN Secretary-General’s High-level Advisory Group sends a very strong signal that scaling-up climate financing is challenging but feasible. Timely mobilisation of resources could help generate progress in the current climate negotiations. n While the urgency of climate change requires accommodating a wide variety of financial flows, political agreement between developed and developing countries is needed on what should be actually counted. Fundamental issues such as equity and burden-sharing can only be resolved through longer-term negotiations in the UNFCCC process. Dialogue on Globalization