It will also require industrialised countries to ensure predictable and adequate flows of funds to enable developing countries take measures to reduce carbon dioxide pollution and to adapt to the changes wrought by rising global temperatures.

“Finance, as we all know, is at the very heart of the successful implementation of the Paris Agreement.

Without the needed financial flows, both the Paris Agreement and the sustainable development goals (SDGs) will largely remain a promise rather than a transformative reality,” said Patricia Espinosa, executive secretary of the United Nations Framework Convention on Climate Change.

The Standing Committee on Finance, that assists the general assembly (Conference of Parties) of UN Framework Convention on Climate Change on issues related to funds, reported on Monday a 15 per cent increase in global climate financial flows since 2011-12. According to the Standing Committee’s biennal report, global financial flows, including public and private financial resources for addressing climate change globally, totalled $741 billion in 2014. Private investment in renewable energy and energy efficiency comprise the largest share.

Even though it represents progress, the UN climate chief Patricia Espinosa acknowledged that climate finance still presented a challenge. “Too much money still flows into high carbon investment,” said Espinosa. Annual investment in fossil fuel is estimated to be at $1.6 trillion.

It is also nowhere near the total investments required. The UN estimates that investment in the range of $5 trilltion to $$7 trillion will be required annually to achiev the sustainable development goals, including climate-related ones.

Finance has been a flashpoint between developed and developing countries. In 2009 in Copenhagen, and then again a year later in Cancun, Mexico, industrialised countries pledged to make available $100 billion a year by 2020 to help developing countries in their efforts to tackle climate change. Progress on that promise has not been fast enough for developing countries.

According tofinancial flows from developed to developing countries range from $40 to $175 billion per year. This includes annual flows of $35 to $50 billion through public institutions that is funds from governments, through bilateral finance institutions, multilateral development banks, and multilateral climate funds. Private finance is estimated to be in the range of $5 billion to $125 billion.

Experts say that these figures do not give a correct picture of flows to developing countries. Jan Kowalsig, an adviser with Oxfam who specialises on financial issues, said that there is over-estimation of financial flows. “The flows accounted for here are to programmes that have climate action as one of their many obectives, yet the total financial value of the programme is accounted for.”

It is expected once the work begins in full sway at Marrakech, the question of predictable and adequate financial support to developing will take centre stage, particularly on the issue of support for adapting to climate change. The Standing Committee’s analysis shows that at present 70 per cent of the money is dedicated to climate actions focused on reducing carbon dioxide pollution. While money for adapting to the impacts of climate change, the main concern for poor developing countries, has increased it remains woefully inadequate