Assessing finance needs for a transition to a low greenhouse-gas emissions and climate-resilient development – including building the necessary adaptive and mitigative capacity to do so – differs fundamentally from the much more restricted process of calculating the finance associated with discrete project-based mitigation or adaptation activities, which are associated with marginal shifts, not transformation. A needs-based approach to finance requires an understanding of not only the specific actions and their finance implications, but also of the appropriate institutions, instruments and mechanisms by which delivery and use of finance could be effectively carried out. As a starting point, an understanding of the required finance consistent with the 1.5°C mitigation pathway, and the associated costs for achieving resilience at that temperature goal, would not only be crucial for the GST but also for the ongoing discussion on setting a new quantified collective goal.