113 lower cost; local capital markets development; and building greater trust in international cooperation processes” are critical to enhancing adaptation and mitigation actions.516 The scaling-up of climate financing must be supported by clear policy choices and signals from governments and the international community.517 The Commission echoes the call for developed and emerging economies to fulfill their $100 billion annual climate finance commitments. Wealthy nations must take the lead in mobilizing climate finance through various channels, prioritizing country-driven strategies based on data and science. Current climate finance commitments must be balanced between adaptation and mitigation based on the needs and priorities of developing countries. The Commission further endorses the recommendation that developed nations support developing countries and emerging economies through knowledge and technology-transfer, capacity-building, and finance,518 pursuant to … relevant human rights principles, climate assistance should be adequate, effective and transparent, it should be administered through participatory, accountable and nondiscriminatory processes, and it should be targeted toward persons, groups, and peoples most in need. States should engage in cooperative efforts to respond to climate-related displacement and migration and to address climate-related conflicts and security risks.519 The Commission endorses the recommendation that, apart from climate financing for mitigation and adaptation, a separate finance mechanism for loss and damage must be implemented to assist developing countries. The Commission acknowledges that United Nations agencies, international development organizations, and NGOs have already developed a variety of multilateral and regionally-targeted funding mechanisms for mitigation and 516 IPCC, AR6, WGIII, supra note 389 (E.5.3). 518 2021 Declaration on Just Transition, supra note 512. 517 519 Id. (E.5). United Nations Office of the High Commissioner for Human Rights, OHCHR’s Key Messages on Human Rights, Climate Change and Migration, available at https://www.unhcr.org/events/ conferences/5a1812a87/ohchrs-key-messages-human-rights-climate-change-migration.html.