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Paper short abstract:

This paper presents a case study of a new modality for climate finance that brings together actors from different regions. This new approach is conceptualised by the Global North, funded by a resource-rich middle power, and targeting the Global South.

Paper long abstract:

Current debates on climate finance centre around a disparity in thinking between the Global North and South. The Global South demands more financial support for climate adaptation and mitigation, emphasising that developed nations, historically responsible for most emissions, should shoulder the financial burden. The Global North, barely acknowledging responsibility, is reneging on earlier promises of large-scale funding, citing concerns over accountability and the potential misuse of funds. The Global South also emphasizes the need for debt relief and climate justice, while the North is prioritising market-driven solutions and private sector involvement in funding climate initiatives. In this context, an initiative is currently being developed to create a new climate finance mechanism that will allegedly address a gaping hole in current finance flows: finance for conflict-affected and conflict-prone regions in the Global South. The new mechanism was conceptualised by a Global North actor tailored for and targeting a resource-rich middle power for funding. Using participant observation, this paper presents the development of this mechanism as an example of the importance of the positionality of actors in creating narratives for climate finance and the centrality of North-South relations in determining which narratives of global problems and solutions are adopted and gain momentum. While the final form of the mechanism is similar to those adopted by other organisations operating in this space, the actors involved and the process of creating the mechanism are unique and deserve attention.