After Belém, rebuilding Rio. Rethinking common but differentiated responsibility in international climate finance

The current architecture of international climate finance, based on the differentiation inherited from Rio (1992), has become economically obsolete, politically fragile and financially unsustainable. Without an update of the principle of common but differentiated responsibilities, the multilateral climate regime risks lasting weakening, to the detriment of the poorest countries and the current main contributors, which are mainly European.