Developing climate finance: international context

The factors influencing the development of climate financing worldwide have been identified. The aim of the article is to detect, analyze, and assess the state, problems, shortcomings and unresolved issues in the development of climate financing globally. Existing and potential needs, dynamics of volumes, and changes in the structure of climate financing in countries around the world have been analyzed. Estimates of the changes in annual climate financing from major institutions and researchers are presented. The use of various climate financing tools has been examined. A description of global climate funding for initiatives in the adaptation-mitigation balance is provided, along with directions for climate projects important for adaptation to climate change based on their current financing levels. The reasons for leading countries’ failure to meet their climate financing commitments have been identified. The contribution of the Green Climate Fund, Climate Investment Funds, Global Environment Facility, UN Development Programme, and Green Development Fund for developing countries to the global financial potential for the development of a climate-neutral economy based on the adaptation of global financial support for climate initiatives has been explored. The contribution of the public and private sectors of national economies, international financial organizations, multilateral and national development banks, commercial banks, insurance companies and civil society institutions to climate financing has been evaluated. The challenges faced by central banks and governments worldwide due to the «green» transition, combating/fighting/mitigating/adapting to climate change/recovery/transformation have been emphasized. Issues accompanying the development of climate financing have been identified. The study has theoretical significance in the context of forming a sound institutional support, and considering the problems, shortcomings and unresolved issues in the development of global climate financing will positively influence improvements in management in this crucial area for the life of individual countries and the global community as a whole. The conclusion is made that the volume and structure of climate financing in the world are currently insufficient and imperfect, with existing disincentivizing factors. Directions for the activation of climate financing development globally have been identified.