The importance of finance to support climate action is now widely recognized, enshrined in the Paris Agreement (Article 2.1(c)). Further, non-state actors of all kinds (cities, regions, companies, and financial institutions are endeavoring to set “science-based targets”, a recognition that achieving global goals will require everyone to do their fair share of climate mitigation.

However, until now there has been no formal approach available for financial institutions to understand, measure, and set targets for how much “green” finance is required for mitigation, or how “brown” finance might need to be limited. Thus, there are both urgent ‘top-down’ (global progress tracking for the Paris Agreement) and ‘bottom-up’ (FI target setting) needs for a science-based approach to tracking financial flows in line with global policy goals—”financing roadmaps”. This report explores how such a system can be created.