Finance is essential for building countries' low-emission and climate-resilient development paths. It is challenging to measure 'collective progress' under the Global Stocktake (GST) on Article 2.1(c) of the Paris Agreement due to low engagement and agreement on the article’s scope and application. Equity is a principle embodied in the Paris Agreement, but how it applies to Article 2.1(c) has not been considered yet.

Using the UNFCCC Standing Committee on Finance 2020 Biennial Assessment framing questions and the Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) principles on equity, this paper considers the interplay between equity and Article 2.1(c) through the lens of three examples: Race to Zero campaign; Global Shield of the V20; and Just Energy Transition Partnerships.

Report by the Overseas Development Institute