Report by - MacArthur Foundation and Observer Research Foundation THE GLOBAL FIGHT against climate change is at a critical juncture, and any hope of achieving the 1.5-degree Paris Agreement target now rests on an unprecedented transformation of economies and energy systems away from fossil fuels. In countries of the Global South, climate action continues to suffer from lack of financial flows to green sectors and broken promises of support from the developed world. Indeed, developed nations are yet to deliver on even the minimum annual commitment of US$ 100 billion that they made in 2008. Considering how emerging and developing economies (EMDEs) will require anywhere between US$ 3 trillion to 6 trillion per year by 20501 to meet their climate targets, the existing commitments are far too inadequate—and a reason for the lack of trust between the Global North and the Global South. Read More