Aligning with the Paris Agreement – Joint Executive Summary of the Study. I4CE and CPI

Supporting climate action and shifting financial flows towards climate solutions will require a transformation of the global financial system.

This report provides perspective by outlining the state of play of Europe’s climate-specific development finance since the adoption of the Paris Agreement.

A few weeks ago, COP30 concluded in Belém with all parties agreeing on a “global mobilization” (or mutirão) against climate change, proving that multilateralism remains a viable path for action, despite strong geopolitical and economic headwinds. However, Belém delivered underwhelming results: no roadmap to transition away from fossil fuels –despite a powerful push from President Lula, rallying over 80 countries, a lack of concrete decisions on deforestation –disappointing for an “Amazon COP”, and mixed results on the global goal on adaptation, among other outcomes.