In a consortium led by the Finnish consultancy GAIA and with the Stockholm Environment Institute (SEI), NewClimate Institute carried out a study on behalf of the Nordic Working Group for Global Climate Negotiations (NOAK) to identify how Nordic finance institutions can best contribute to mobilising climate finance to developing countries in a way that supports the implementation of the Paris Agreement.
The study mapped current financial support needs communicated through developing countries’ Intended Nationally Determined Contributions (INDCs) to identify potential support gaps where Nordic finance actors can add value. A key part of the project were four specific country case studies (on Georgia, Bangladesh, Peru and Ethiopia) to explore more concretely what potential finance needs may be in different country and sector contexts. The case studies served to highlight key barriers to action and how these may be addressed through climate finance, in particular through Nordic support. The focus of the study extends beyond public climate and development finance to also explore effective ways to mobilise private finance. It concludes with a roadmap and concrete next steps to be taken by Nordic actors in order to accelerate climate action at the required scale and pace.