Updates 

Climate finance is often framed as a question of global commitments. But in practice, it’s a question of systems. In a new essay, we argue that the next phase of climate finance isn’t about new pledges—it’s about integrating climate into the core machinery of government through Green Public Financial Management (PFM) . While methodologies for tracking mitigation and adaptation have improved, they are still not fully embedded in how governments plan, budget, and allocate resou

Climate finance is increasingly caught in political crosscurrents—but the underlying work hasn’t stopped. With the U.S. withdrawing (again) from the Paris Agreement in 2026, it’s tempting to view climate finance as contingent on global consensus. But that misses what’s actually happening on the ground. Multilateral development banks committed $136.6 billion in climate finance in 2024 , mobilizing an additional $184 billion in co-finance . That’s over $320 billion in total flo