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For Climate Finance, Stop Counting Beans and Start Counting Beanstalks: The Case for a Pull Mechanism

COP26, like previous UN climate change conferences, has seen no shortage of “big round number” announcements aimed at making a splash in the press and signaling virtuous intent. Such announcements—be they promising $100 billion a year, demanding $1 trillion, or finding an additional £1 billion from the official development assistance (ODA) budget for climate finance—have the side effect of drawing scrutiny to the pledge itself and not the pledge’s impact.