Urgent but overlooked: a spotlight on the long-term finance goal of the Paris Agreement
Article 2 of the Paris Agreement provides a reinforced framework for climate action by setting out three interlinked long-term goals: limiting temperature rise (2.1a); increasing ability to adapt (2.1b); and making financial flows consistent with a low-emission and climate-resilient development path (2.1c). While the phrasing of the final goal seems relatively straightforward, its implications are far-reaching, with potential to be transformative. But to date, this third objective has received insufficient consideration. Uncertainties around how to interpret, implement and assess Article 2.1c remain high, but attaining more clarity is crucial: the pending first Global Stocktake will assess progress on all three long-term goals. This briefing paper introduces Article 2.1c, unpacks its meaning and relevance, and looks ahead to next steps in 2022’s UNFCCC talks by providing key messages for national-level policymakers keen to better understand this long-term goal.