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1、All Roads Lead to Reform Technical and statistical reportUNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENTGeneva,2025A Financial System Fit to Mobilize$1.3 Trillion for Climate FinanceAdvance copyUNCTAD/GDS/2025/3(advance copy)iiiAll Roads Lead to ReformA Financial System Fit to Mobilize$1.3 Trilli

2、on for Climate FinanceivAll Roads Lead to ReformA Financial System Fit to Mobilize$1.3 Trillion for Climate FinanceExecutive SummaryIn light of the underwhelming provision and mobilization of climate finance for developing countries,this report signals several priorities for systemic reform that can

3、 contribute to scaling climate finance flows and creating a more enabling international financial architecture(IFA)for climate-resilient development.It responds to Decision 1/CMA.6 for a New collective quantified goal on climate finance(NCQG)adopted at the 29th Conference of the Parties(COP 29)to th

4、e United Nations Framework Convention on Climate Change(UNFCCC)in Baku,Azerbaijan,in November 2024,which calls on“all actors to work together to enable the scaling up of financing to developing country Parties for climate action from all public and private sources to at least USD 1.3 trillion per ye

5、ar by 2035.”Key Messages Climate finance delivery is not achieving its potential.Despite reaching the$100 billion goal in 2022,climate finance mobilized by developed countries to support developing countries is primarily delivered as debt through a fragmented architecture which hinders access for th

6、e most vulnerable countries and does not adequately finance adaptation or loss and damage.A reformed IFA is central to reaching climate finance goals.The shortcomings of climate finance support for developing countries are shaped by the broader limitations of the IFA.Outdated governance structures a