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To confront the economic upheaval induced by the COVID-19 pandemic, the world’s 50 largest economies announced over $14.6 trillion in stimulus over the course of 2020. These funds also represent a massive down payment on future economic pathways—which is why it is essential that the COVID-19 recovery accelerate Paris alignment.  Unfortunately, G20 countries have not been able to provide global leadership in this regard. Instead, recovery packages show no systematic consideration of climate risk, and policymakers have not taken advantage of the full range of tools for green recovery at their disposal. To the extent that the recovery has preferred business-as-usual policies—especially in energy, transport, and the building sectors—it has raised the long-term cost of climate action. Failure of G20 countries to green COVID-19 recovery could make all Paris goals unattainable.  We conducted an extensive literature review to build a typology of policies and interventions and their implications for Paris alignment. We also interviewed governments to understand their motivations, processes, and challenges. In the end, we found that where Paris-compatible interventions occurred, countries benefited from having “shovel-ready” projects, and had already integrated Paris-compatibility into their project planning process before the pandemic.  Going forward, G20 countries should consider a multifaceted approach to Paris alignment and recovery, leveraging the full suite of policy levers and tools available. Taking an expansive view of what is needed, these interventions should include monetary policy; financial and real-economy policies and regulations; fiscal policy and budget support; public finance; and information instruments (such as voluntary disclosure).

Accelerating Paris-Aligned Financial Flows: A Typology for Facilitating a Paris-Aligned COVID-19 Recovery