Description
This paper focuses on the global climate finance architecture - the international structures coordinated by the United Nations and World Bank with the aim of financing climate change mitigation and adaptation in developing countries (see Karwowski forthcoming). It discusses how and why a shift away from grant funding for projects has changed the governance within international organisations. This change grants more influence and power to the private sector (Uribe 2024) and especially financial sector actors - without necessarily bringing in large sums of private investment as promised, for instance, by the 'billions to trillions' agenda pushed by the World Bank. Thus, the paper illustrates how the financialisation of development can be driven from within international organisations and without the need for substantial financial accumulation as is sometimes argued (Bernards 2024) rather becoming a socio-technical process (Chiapello 2020).
