At COP29, governments pledged an ambitious $300 billion in annual climate finance to Global South countries—with the goal of scaling up to $1.3 trillion per year by 2035. But the true test of these commitments won’t be how much is promised—it’s how much is delivered. Climate finance must be more than a headline number; it must lead to meaningful, measurable results for people and the planet.
This report explores what we call the delivery imperative—the urgent need to transform rising climate finance flows into real-world impact. Drawing on global evidence and practical experience, Anjali Garg and Warren Krafchik unpack why poor budget execution remains a critical bottleneck in achieving climate goals. In many countries, climate-related funds are not spent as planned—if at all. Key sectors like agriculture and environment face some of the highest underspending rates, while large-scale infrastructure projects needed for adaptation and transition are routinely delayed or defunded.
What’s at stake is not just climate progress, but also public trust, fiscal stability, and the effectiveness of governance itself. As the authors show, stronger public financial management systems, greater transparency, and inclusive accountability mechanisms are not side issues—they are prerequisites for success. The report offers a forward-looking framework that centers on aligning donor approaches with country systems, strengthening oversight ecosystems, and enabling targeted reforms.
For climate donors, recipient governments, and advocates alike, The Delivery Imperative serves as both a call to action and a practical roadmap for ensuring that every climate dollar makes a difference.
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ABOUT THE AUTHORS:
Anjali Garg is an independent consultant based in Washington, D.C. Previously, Anjali led global research and advocacy efforts at the International Budget Partnership (IBP) as the Interim Director of Policy, after serving as IBP's Head of the Open Budget Survey. Prior to joining IBP, Anjali held positions at the U.S. Treasury, the International Monetary Fund, and in corporate finance. She received a Master's in International Economic Policy from the School of International and Public Affairs (SIPA) at Columbia University.
Warren Krafchik was the founding Executive Director of the International Budget Partnership. He was also a co-founder and the first civil society co-chair of the Open Government Partnership (OGP); and co-founder of the Global Initiative for Fiscal Transparency (GIFT.) He is a South African and has worked in the fields of macro-economics and public finance for the past 30 years.