We distill the debate into five key variables that have emerged as relevant to what parties consider to "count" as climate finance:
Motivation - the extent to which a financial flow was explicitly designed to reduce greenhouse gas emissions or support climate adaptation.
Concessionality / source – the legitimacy of public versus private sources of climate finance, and the degree of "softness" of the finance reflecting the benefit to the recipient compared to a loan at market rate. (To simplify categorisation and facilitate debate we combine "source" with "concessionality", though recognise this is imperfect).
Causality – the extent to which a contributor’s intervention, whether public finance or policy, can be said to have mobilised further investment in climate-relevant activities.