Developed and developing countries cannot agree on even the fundamentals of what should be included in climate finance (e.g. should private finance through carbon markets be included?), let alone the level and terms of financing commitments, regulatory and other mechanisms, or governance structures. This impasse, which reflects a lack of trust between developed and developing countries, has manifested itself in basic disagreements over three main issues relating primarily to mitigation finance: first, the necessity of credible and substantial developed country commitments on public funding; second, the role of private finance; and third, the institutions and governance structures to ensure equity and environmental effectiveness.