As the 29th United Nations Climate Change Conference, or COP29, approaches, the spotlight is on climate finance — but it’s not just the dollar amount that matters.
Climate finance is a key lever for enhancing global climate action and meeting the goals of the Paris Agreement. Countries are currently negotiating a new collective quantified goal, or NCQG, on climate finance, which aims to significantly increase the volume of finance given by high-income countries to lower-income ones.
Yet not all billions have the same impact. Beyond the quantity of finance, how funds are delivered matters — i.e., the quality. Without addressing issues of quality, such as preferential financing, known as concessionality, access, and impact, climate finance won’t reach those most in need or catalyze transformative change.
About the author
Angela Churie Kallhauge
Angela Churie Kallhauge is executive vice president of impact at Environmental Defense Fund, focused on inclusive, equitable climate solutions. She previously led the secretariat of the Carbon Pricing Leadership Coalition at the World Bank and spent 14 years at the Swedish Energy Agency working on climate, energy, and development issues.
