The Intergovernmental Panel on Climate Change (IPCC) recently provided a vivid picture of how 1.5°C and 2°C of warming are likely to affect human populations and natural systems — with a notable escalation of economic and ecosystem impacts between these two temperatures. The IPCC report found that achieving the 1.5°C target would require emissions to decrease to net zero by 2050, necessitating far-reaching transitions across the global economy in energy, land, urban, infrastructure, and industrial systems. Privatesector institutions, in partnership with the public sector, can help facilitate these transitions by mobilizing capital at the required scale and pace. Recognizing the important role private-sector capital can play in expediting this transition, United Nations Secretary-General António Guterres asked Michael R. Bloomberg, UN Special Envoy for Climate Action, to lead a private-sector initiative to “support a global mobilization of private finance in response to the challenge of climate change.” Senior executives of seven major private-sector institutions — Allianz Global Investors, AXA, Enel, Goldman Sachs, HSBC, Japan’s Government Pension Investment Fund (GPIF), and Macquarie — joined Bloomberg as chair in creating the Climate Finance Leadership Initiative (CFLI). These leading institutions represent a diverse span of roles across the investment value chain, including an international power utility, commercial and investment banks, insurers, asset managers, and asset owners. Informed by the deep expertise of CFLI institutions, this report offers insights into how to mobilize private climate finance at the scale and speed needed to support an orderly and inclusive transition to a low-carbon global economy. The report considers challenges to — and solutions for — financing the low-carbon future across both developed and emerging economies. In recognition of the opportunity to act in the near to medium term, emphasis is given to readily available and scalable solutions and technologies, examples of successful low-carbon investments and transitions, and policy actions with proven track records of attracting private-sector capital across sectors with the largest emissions reduction potential.