The third long-term goal of the Paris Agreement – ‘making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development’, Article 2.1c – shows that the international community has established a collective objective that reflects the comprehensive financial effort required to effectively combat climate change (Whitley, Thwaites, Wright, and Ott, 2018). Article 2.1c emphasizes the need for a holistic approach to climate finance, encompassing both public and private sources, as well as domestic and international ones.
Unlike the other goals of the Paris Agreement, for which dedicated spaces for negotiation exist, the conversation on how to operationalize Article 2.1c has lagged behind, and no consensus exists at the moment around what this operationalization entails. However, the Parties agreed to continue exploring how to operationalize Article 2.1c as a result of CMA 5 in Dubai last year (2023).
