Comparative Architecture of Climate Finance: A Regional Analysis of Western Europe, the United States and Canada, and Central Asia and Eastern Europe (2017–2023)

Abstract

Purpose | The aim of the study was to identify and compare climate finance frame¬works in Western Europe, the United States, and Canada, as well as in Central Asia and Eastern Europe, and to assess the impact of institutional and developmental factors on the allocation of funds between mitigation and adaptation measures. Research method | The study employed a comparative descriptive analysis based on Climate Policy Initiative (CPI) data for the years 2017–2023, covering an analysis of funding sources, financial instruments, sectoral structure, and the distribution of funds between adaptation and mitigation measures in selected regions of the world. Results | The results indicate that mitigation measures dominate in all analysed re¬gions, financed mainly from private sources; however, the structure of capital sources, the financial instruments used, and the directions of fund flows differ significantly depending on the region’s level of economic development and institutional model. Originality / value / implications / recommendations | The originality of the article lies in combining the perspective of public goods theory, the CBDR-RC principle, and the distinction between adaptation and mitigation finance with a comparative analysis of regional climate finance architectures, which allows for a better explanation of the variation in financial flows between regions of the world. The results suggest a need to strengthen mechanisms supporting the financing of adaptation measures and to increase the diversity of financial instruments in less developed regions in order to reduce disparities in the allocation of climate funds and improve the effectiveness of achieving the Paris Agreement’s goals.