The Global Governance behind climate finance post the 15th Conference of the Parties (COP) in Copenhagen

Abstract

The United Nations Framework Convention on Climate Change (UNFCCC) was established to address climate change globally, urging developed countries to contribute financial resources to help developing nations achieve climate-related goals. Although financial support was widely acknowledged as being necessary, no concrete commitments were made until the 2009 UNFCCC Conference of Parties (COP15) in Copenhagen. But the accord was criticised for not being legally binding. Rather, it provided a forum for nations to voluntarily submit their mitigation plans and emission targets. However, the Accord succeeded in enabling a rise in climate finance assistance, opening the door for future trends. Thus, by using analytical content, this research aims to answer, “How does the global governance of climate change affect the mobilisation of funds towards developing countries post COP15?”. This study aims to analyse deeper into the process of global governance in shaping the climate finance landscape post-COP15, specifically the UNFCCC’s role as the acting institution of global climate governance. Grounded in the concept of global governance from institutional liberalism, this study employs a qualitative methodology, emphasising literature reviews and case studies. The research contends that the UNFCCC, as a key player in global climate governance, has significantly influenced this process by establishing a USD 100 billion funding goal and creating the Green Climate Fund. Analysis also reveals a positive trend in fund mobilisation post-COP15, both in overall volume and diversified funding sources. Multilateral partnerships are on the rise, indicating collaborative efforts, and a preference for transparent public funding is observed. The data supports the effectiveness of global governance, exemplified by the UNFCCC's initiatives, in directing financial resources toward climate change mitigation and adaptation for developing countries on a global scale.