This paper analyses how early recovery activities are financed through humanitarian appeals, focusing primarily on Consolidated Appeals (CAPs), so that donors and aid agencies can better understand what is being financed and why. It uses the Cluster Working Group on Early Recovery (CWGER) definition, while also recognising that interpretations vary. Early recovery is defined as a multidimensional process of recovery that begins in humanitarian settings and is guided by development principles, building on humanitarian programmes and catalyzing sustainable development opportunities, encompassing the restoration of basic services, livelihoods, shelter, governance, security and the rule of law and environmental and social dimensions.