The New Climate and Development Finance Nexus
At a time when the reform of the global financial architecture was a top priority on all multilateral macroeconomic, environmental, and development agendas, climate finance was regarded as the "great enabler of climate action" according to the UNFCCC. However, mounting evidence suggested that the transition towards a low-carbon economy risked exacerbating the imbalance between higher and lower income countries, as well as between high- and lower-income households.