Countries’ quest to achieve robust economic growth in a fossil fuel-dependent production paradigm has resulted in an unsustainable accumulation of greenhouse gases (GHGs) in the atmosphere. This phenomenon threatens humankind with irreversible climatic changes in the future. Policymakers worldwide have to devise emissions-reduction plans without affecting the economic performances of countries; developing countries must reduce emissions along with meeting development goals manifested in the form of ensuring a decent quality of life. Developing countries would therefore require additional resources and support from developed countries, which are bound by the United Nations Framework Convention on Climate Change (UNFCCC) to provide such support as part of their commitment towards ensuring fair global effort-sharing. In this regard, providing financial resources to developing countries for adaptation and mitigation actions forms the core of the support mechanism as identified and agreed by all countries.