Key Climate Governance Initiatives and Bodies

Arun Kelshiker

20 years: Asset management and stewardship

In this video, Arun explores the fragmented nature of global climate governance, from the Paris Agreement and disclosure frameworks like TCFD and ISSB to the UN’s Sustainable Development Goals. He explains how decision-making unfolds through COP, the IPCC, and bodies like the Green Climate Fund, while regional blocs and observer groups shape negotiations.

Regulation and Initiatives

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Key Climate Governance Initiatives and Bodies

8 mins 29 secs

Key learning objectives:

Understand the fragmented structure of global climate governance and its implications
Identify key international agreements and disclosure initiatives driving climate action
Identify the decision-making processes and institutions within the UNFCCC framework
Outline how coalitions, blocs, and observer groups influence climate negotiations

Overview:

Global climate governance is fragmented, spanning multiple frameworks, agreements, and actors beyond the UNFCCC. This complexity creates both risks of conflict and opportunities for policy alignment. Central initiatives include the Paris Agreement, NDCs, NAMAs, NAPAs, the TCFD and its successors, and the UN’s Sustainable Development Goals. Together, they drive emissions reduction, adaptation, disclosure, and accountability. Decision-making processes unfold through the UNFCCC’s COP, the IPCC, regional groups, and constituted bodies such as the Green Climate Fund, with countries negotiating in blocs and observer groups shaping outcomes. Fragmentation ultimately reflects the scale, diversity, and inclusivity required to govern global climate action.

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Summary

Why is global climate governance described as fragmented?

Climate governance extends beyond the UNFCCC, encompassing multiple agreements, disclosure frameworks, and initiatives that operate independently or partially overlap. This fragmentation can create tensions when regimes conflict but also fosters innovation by enabling complementary approaches. It reflects the reality that climate change is a global problem requiring diverse institutions, actors, and mechanisms. While the Paris Agreement remains the central accord, parallel frameworks like the TCFD, ISSB standards, and the SDGs expand the scope of governance into finance, development, and sustainability.

What are the most important agreements and initiatives?

The Paris Agreement commits countries to limit warming below 2°C and pursue 1.5°C, with NDCs providing national roadmaps updated every five years. Developing countries also implement NAMAs and NAPAs to address mitigation and adaptation. Financial disclosure frameworks such as the TCFD, succeeded by ISSB standards, ensure climate risk transparency and accountability. The SDGs, particularly SDG 13 on climate action, broaden governance by linking climate to development, inequality, and natural resource protection. Collectively, these initiatives shape both national policies and private sector behaviour.

How does decision-making occur within climate governance?

The UNFCCC process centres on COP, where all parties monitor and enhance the Paris Agreement. Supporting institutions include the Bureau, which advises on process, and the IPCC, which provides the scientific foundation for policy. Constituted bodies like the Green Climate Fund enable financing and implementation. Countries participate through regional groups such as Africa, Asia, and Latin America, while negotiating blocs like the EU, G77 and China, BASIC, and AOSIS amplify collective voices. Observer constituencies NGOs, indigenous peoples, youth, and gender groups add perspectives and hold states accountable. Together, these processes reflect the balancing of science, politics, and equity in climate governance.

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Arun Kelshiker

Arun Kelshiker was formerly the Head of Asset Allocation and Portfolio Strategy at Standard Chartered Bank and part of the bank's Global Investment Committee, where he provided investment advisory and multi-asset portfolio solutions. His focus is now with Cambridge Sustainable Investment Partners, which draws its expertise from the Resilience and Sustainable Development Centre at Cambridge University. He is also a university lecturer at the Frankfurt School of Finance and Management and is Vice Chair of the CFA UK's Inclusion and Diversity Committee and its Investment Committee.

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