The 26th edition of Climate & Finance delves into a year of sharp contrasts and systemic tests for global climate governance and green finance. From Canada’s leadership transition from Trudeau to Carney, to the return of Trump’s rollback on climate action, this issue examines how shifting political winds reshape national commitments and international trust.

We also analyse the EBRD’s second phase of its Green Economy Transition Plan, highlighting lessons from its successes and structural gaps. Finally, we assess how climate risks, under the FSB’s frameworks and global carbon pricing debates, are increasingly shaping the financial system’s resilience.