A key point of discussion at 25th Conference of the Parties (COP25) of the UN Framework Convention on Climate Change which met in December 2019 was climate finance. States party to the Paris Agreement debated whether to create a new climate finance goal (the current target of USD 100 bn expires in 2020), and whether long-term climate finance initiatives (also to end in 2020) should be renewed. Whilst States party to the Paris Agreement were unable to agree on the way forward in terms of these issues, the discussions at COP25 highlight how fundamental sustainable finance mechanisms are to achieving climate mitigation and adaption targets.
In the absence of a clear direction from the COP25 meetings, the capital markets have continued to respond to the dynamic need for sustainable finance to help issuers meet sustainability targets which align with the objectives of the Paris Agreement or the United Nations Sustainable Development Goals.
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