The world must mobilize more climate finance. None of this will be possible without an overhaul of the international financial architecture—the network of institutions, standards and practices that organize global financial flows.
Moving from talk to action will require a coordinated effort by different stakeholders to achieve specific milestones in the coming years.
To support this ambition, CPI has created the Climate Finance Reform Compass: an action-oriented tool that identifies financial sector reforms that can collectively drive the increase in climate finance we need.
The guidance aims to promote consensus and coordinated action among public and private stakeholders on the reforms to the international financial architecture needed to address the global climate challenge.
It identifies pragmatic goals and milestones for action in nine thematic areasin line with the principles set out in the COP28 UAE Leaders’ Declaration on a Global Climate Finance Framework:
| Commitment and ambition | Just a transition | Domestic mobilization |
| fiscal space | National platform | private finance |
| Preferential finance | Multilateral Development Bank Reform | carbon market |
Within these themes, the Compass includes 29 key reforms, identifying their current status, key associated resources and where we need to be by 2030.
This interactive platform is designed to help stakeholders from the public, private and civil society sectors focus on pragmatic goals, coordinate actions and map progress.
Leaders of development finance institutions, private financiers, analysts, advocates and others seeking to advance the climate finance agenda can use this tool to explore key themes and action points within nine themes.
Milestones are aligned with major global conferences to help focus efforts on potentially transformative events. The compass will be updated regularly to capture progress and chart next steps.
This marks the first time a major global financial institution has made an effort to track real progress across the board: from its commitments, to actions within the institution, to the impact on the broader economy.
