Summary of Developed Country ‘Fast-Start’ Climate Finance Pledges

As of November 26, 2012, 23 developed countries and the European Commission pledged USD 33.92 billion in fast-start climate finance, exceeding the collective goal of 'approaching USD 30 billion'. However, the World Resources Institute finds that the alignment of these funds with Cancun Agreement principles—specifically regarding balanced allocation between adaptation and mitigation, additionality, and prioritization of the most vulnerable—remains unclear due to inconsistent reporting and a lack of agreed-upon definitions.

• As of November 26, 2012, 23 developed countries and the European Commission announced individual fast-start finance pledges totaling USD 33.92 billion, which exceeds the collective goal of "approaching USD 30 billion for the period 2010 - 2012" set by the Cancun Agreements.
• There is significant uncertainty regarding whether pledges meet the Cancun Agreements' mandate for a "balanced allocation between adaptation and mitigation" because no universal definition of balance exists. For instance, Germany's 2010-2011 mobilization of USD 1.58 billion allocated 48 percent to mitigation and 28 percent to adaptation, while the United States and Japan primarily supported mitigation objectives.
• The 'new and additional' nature of the funds is questioned as some countries include previous commitments. The United Kingdom and United States count prior commitments to the Climate Investment Funds (CIFs) as fast-start finance, and the United States includes its long-standing annual contribution to the Montreal Protocol Fund.
• Financial delivery mechanisms vary between multilateral, bilateral, and public-private channels. While the Global Environment Facility (GEF) and Climate Investment Funds (CIFs) are primary multilateral choices, the United States and Japan use export credit agencies and public-private channels for considerable amounts. Financial instruments include grants, loans, equity, and insurance, though reporting on the concessionality of loans is often missing.
• Reporting on fast-start finance is currently fragmented and lacks transparency, as the Cancun Agreements did not provide specific guidance on report content. This has resulted in data that is not fully comparable or complete, leading to a recommendation that future reports include specific details on scale, additionality, channeling institutions, objectives, geographic distribution, pledge status, and financial instruments.

APA

Ballesteros, A., Chessin, E., Stasio, K., & Moncel, R. (2012). Summary of Developed Country ‘Fast-Start’ Climate Finance Pledges. World Resources Institute. https://www.wri.org/research/summary-developed-country-fast-start-climate-finance-pledges

Chicago

Ballesteros, Athena, Emily Chessin, Kirsten Stasio, and Remi Moncel. Summary of Developed Country ‘Fast-Start’ Climate Finance Pledges. World Resources Institute, 2012. https://www.wri.org/research/summary-developed-country-fast-start-climate-finance-pledges.

Wikipedia

{{cite report |last1=Ballesteros |first1=Athena |last2=Chessin |first2=Emily |last3=Stasio |first3=Kirsten |last4=Moncel |first4=Remi |title=Summary of Developed Country ‘Fast-Start’ Climate Finance Pledges |publisher=World Resources Institute |date=26 November 2012 |url=https://www.wri.org/research/summary-developed-country-fast-start-climate-finance-pledges |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{ballesteros2012summary, author = {Ballesteros, Athena and Chessin, Emily and Stasio, Kirsten and Moncel, Remi}, title = {{Summary of Developed Country ‘Fast-Start’ Climate Finance Pledges}}, institution = {World Resources Institute}, year = {2012}, month = nov, url = {https://www.wri.org/research/summary-developed-country-fast-start-climate-finance-pledges}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }