In order to draw cross-national lessons on how climate finance can be used to unlock private sector investments in adaptation, we analyzed global climate finance flows and the project portfolios and the evolution of three multilateral climate funds (MCFs) between 2010 and 2020: the Pilot Program for Climate Resilience (PPCR), which is part of the larger Climate Investment Funds (CIF); the Adaptation Fund (AF); and the Green Climate Fund (GCF). We validated our findings through interviews with experts from these funds as well as with international experts on climate finance and adaptation.
