In this brief we explore the options and implications for developed countries within this changing climate finance paradigm. It is structured as follows:

• The first section outlines the background policy context for the climate finance debate;

• The second section explores the extent to which Fast Start Finance commitments have been met. It sets out some of the key challenges in making this assessment, as well as some of the problems faced by developed countries in what can be considered a “learning by doing” phase; and

• The final section identifies nine key challenges that developed countries face as they enter the new climate finance paradigm, and within the context of the diffculties encountered in the first period.