At  the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties 21 (COP 21), held in Paris in December 2015, 195 countries adopted the first-ever universal, legally binding global climate deal, the Paris Agreement. The agreement sets out a global action plan to put the world on track to avoid dangerous climate change by limiting global warming to below 2°C. The agreement is due to enter into force in 2020. Climate finance is a major enabler of climate action. In relation to finance, the Paris Agreement:
  •  “…Urges developed country parties to scale up their level of financial support, with a concrete roadmap to achieve the goal of jointly providing USD 100 billion annually by 2020 for mitigation and adaptation while significantly increasing adaptation finance from current levels, and to further provide appropriate technology and capacity-building support.”
  •  “…Decides that, in the implementation of the Agreement, financial resources provided to developing countries should enhance the implementation of their policies, strategies, regulations and action plans and their climate change actions with respect to both mitigation and adaptation…”.

The Green Climate Fund is the financial mechanism under the UNFCCC. The Fund is a unique global initiative to respond to climate change by investing into low-emission and climate-resilient development. GCF was established to limit or reduce greenhouse gas emissions in developing countries, and to help adapt vulnerable societies to the unavoidable impacts of climate change. Given the urgency and seriousness of the challenge, the Fund is mandated to make an ambitious contribution to the united global response to climate change.

Initiatives in Mozambique

The Climate Public Expenditure and Institutional Review (CPEIR) is a tool to review and assess various aspects of climate change-related public expenditure and the institutional framework of public agencies, as well as other actors (e.g. development partners and civil society organizations (CSOs) involved in climate change finance.

A National Training Workshop on Climate Finance Readiness was held in April 2016, with support from the World Bank.