联合国贸易发展委员会-条条大路通改革：一个适合为气候融资筹集1.3万亿美元的金融体系（英）

All Roads Lead to Reform Technical and statistical reportU NI T E D NAT I O NS CO NFE R E N C E ON T R A D E A N D D E VE L OP M E N TGeneva, 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 Trillion 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 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 the 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 year 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 the 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 Outdated governance structures and policy frameworks should be reformed to enable developing countries to achieve investment-led just transitions supported by a robust financial safety net against external and climate shocks. • Existing proposals offer building blocks for a more comprehensive reform agenda. Momentum for IFA reform has increased in recent years alongside numerous proposals, how-ever, few comprehensively address the structural constraints of the IFA. Efforts to improve the quantity and quality of climate finance can learn from this progress to build consensus around a more systemic reform agenda capable of truly transforming climate and development outcomes. • The Baku to Belém Roadmap can be a catalyst for this systemic change.Without IFA reform, strategies to achieve the $1.3 trillion climate finance goal risk repeating past failures. The Baku to Belém Roadmap can indicate concrete reforms that can accelerate equitable finance delivery and allow every country to meet their climate and development goals. A Framework for Reform1. Enhance Access to Liquidity and Stability Tools, reducing vulnerability to boom-bust cycles and climate shocks a