This study has emerged from the context of GIZ’s work on NAMA development and implementation and the crucial question how to finance a NAMA. It is based on a review of literature on climate finance from the international debate of the last few years, internet research, and over 15 interviews with representatives from the various groups of actors involved in climate finance. The main findings were that the financial investment volumes required by NAMAs are available and the private sector is indeed interested, but still reluctant to make substantial investments in – new and unknown – NAMAs in the absence of a clear policy signal and under the conditions of unclear risks and barriers. The financing instruments to deal with these challenges exist but need to be applied to the new investment opportunity of NAMAs. There is not one silver bullet but rather an appropriate combination and ratio of different financing instruments for every individual NAMA.