This paper argues that a new international climate change agreement to be adopted at COP 21 in 2015 has the potential to play a significant signalling role by underlining to countries and private investors the intent to shift to a low-carbon development pathway. It explores how the new agreement could spur further mobilisation of climate finance by examining the current state of play regarding existing financing environments and mechanisms. These include: (i) the existing international institutional arrangements, (ii) in-country enabling environments, (iii) financial instruments and tools, and (iv) transparency in climate finance tracking and an enhanced MRV system of finance.