In December this year, countries will gather in Paris for the 21st Conference of Parties (COP), in an effort to reach a universal, legally binding agreement that will push countries to combat climate change effectively and boost the transition towards resilient, low-carbon societies and economies.

The overarching goal of the convention is to reduce greenhouse gas emissions enough to limit the global temperature increase to 2°C above pre-industrial levels. As negotiators attempt to strike a deal in Paris, the issue of climate finance will be pivotal.

While cost estimates vary considerably, it is clear that global financing will be in the vicinity of several trillion US dollars. While the sums are huge, they are within reach. The Asia Pacific region, in particular, has significant resources. As a region, domestic fiscal revenues already represent US$4 trillion. In addition, there is as much as $32 trillion of combined private assets with the region.