CLIMATE FINANCE

2013

International climate finance is the transfer of funds from the North to the South to help enable developing countries adapt to the unavoidable impacts of climate change (i.e. adaptation), reduce greenhouse gas emissions (i.e. mitigation) , and embark on clean energy development paths. If we are to avoid the dangerous impact of climate change we must limit global mean temperature increase to 2 0 C above pre industrial levels. This means stabilizing atmospheric GHG concentration below 450ppm carbon dioxide equivalent. Emission reductions required for a 450ppm pathway adapted from Mckinsey global GHG abatement cost curve. Failure to cut emissions on this kind of scale would result in serious risks of temperature increases of 3,4,5 deg. C and higher. Scientists tell us that to have a 50-50 chance of holding temperature below 2 0 C global emissions would need to be below 35Gt CO2e by 2030. The 2009 Copenhagen Accord pledged funds of $10 billion a year from 2010 to 2012, increasing to $1...

De Gruyter Handbook of Sustainable Development and Finance

Finance is one of the central aspects necessary for combatting climate change and is covered by a wide range of mechanisms, institutional arrangements and governing bodies with the United Nations Framework Convention on Climate Change (UNFCCC), validating claims that the Convention is indeed both a regime complex and a complex regime. The chapter begins by outlining those arrangements historically and how they, and the responsibilities pertaining to them, have evolved over time. It continues with a summary of some of the main points of contention, not the least of which have been disputes over the provision of resources from developed to developing countries, which have served to reinforce the North/ South divide, notably in the context of climate finance. The remainder of the chapter summarises the key themes and findings of the contributing authors to this section of the Handbook, who discuss the strengths and weaknesses of some of the central mechanisms for financing climate action within the UNFCCC, and beyond. They provide recommendations as to how the integrity of finance can be safeguarded, both within the Convention and beyond, where the impacts of povertyand COVID-19make resilience in the face of the escalating climate emergency especially difficult.

Development, 2019

Tens of billions of US dollars are programmed from developed to developing countries to assist them in dealing with the impacts of climate change or to reduce greenhouse gas emissions. This is the world of climate finance, a stream of money which includes public funding set to swell to $100 billion yearly by 2020. These sums conceal agenda-setting stories on how different countries are coping with climate change. Drawing on data analysis and interviews with beneficiaries of climate finance, this article examines local and adaptation funding as two entry points into the field, connecting different perspectives on climate finance.

Climate finance refers to all the funding on a national and international level that pertains to financing projects that have to do with adaptation to and mitigation of climate change. Briefly discussed below are some of the internationally available bodies and mechanisms that are put in place to collect capital for and manage climate funds. All of the mechanisms and/or bodies create opportunities, be it in favor of developing or developed countries, for use and misuse of the resources; thus, proposals for improvement of each are outlined after the description of the particular establishment. In continuation, stated are suggestions on and rationale behind usage of climate finance as compensation from polluters, mitigation of growing loss and damage, financing technological and know-how transfers – all of which on an international scale. Lastly, if the previously numbered uses are covered for on a national level, two recommendations are given on where climate funds can be allocated so as to provide for socially and environmentally sustainable solutions on a local and/or national level. To be kept in mind is that all of the described facilities and suggestions assume for oversimplification of the reference to rich (developed, or Global North, Western) countries that play the main role in providing the capital for climate funds for transfers to poor (developing, Global South) countries to adapt to or mitigate disastrous impacts of climate change, and with climate finance should be given the chance to develop in an environmentally sustainable manner.

2021

Climate Financing is the state, national or multinational funding that aims to facilitate climate change mitigation and adaptation measures. The Kyoto Protocol Convention and the Paris Agreement call for financial help to those who are less privileged from developed countries that have more financial capital. The need for Climate Finance is linked to the enormous investments needed to reduce emissions. In this edition of the Conversations in Development Studies Journal, we try to explore the need for considerable financial capital to adapt to the adverse effects and reduce the threat of climate change. We focus on Climate Finance as articulating the needs and financial flow of different geographical regions and designing a more robust monitoring and guiding parametric framework that is done at a national, sectoral, or local level. This edition of the Journal also explores Climate Finance and South Asian Projects of fossil fuel transition in India.

This article looks at the current climate finance architecture and its impact on developing countries climate change responses. The primary aim is to capture the contradictions that exist in the climate finance architecture particularly between those recommended by the United Nations Framework Convention on Climate Change (UNFCCC) and those advanced by developed countries otherwise known as non-UNFCCC climate financing mechanisms. The overall observation is that once non-UNFCCC climate financing mechanisms emerged and the more they were justified using the UNFCCC, the global response to the climate change problem was fatally wounded through a procedural derailment of UNFCCC objectives. This article calls for a review of non-UNFCCC with the aim of divesting them of the profit factor which in this case is the problematic.

Journal of Law Policy and Globalization, 2014

This article looks at the current climate finance architecture and its impact on developing countries climate change responses. The primary aim is to capture the contradictions that exist in the climate finance architecture particularly between those recommended by the United Nations Framework Convention on Climate Change (UNFCCC) and those advanced by developed countries otherwise known as non-UNFCCC climate financing mechanisms. The overall observation is that once non-UNFCCC climate financing mechanisms emerged and the more they were justified using the UNFCCC, the global response to the climate change problem was fatally wounded through a procedural derailment of UNFCCC objectives. This article calls for a review of non-UNFCCC with the aim of divesting them of the profit factor which in this case is the problematic.

Heinrich Boll Stiftung and …, 2011

The objective of this paper is to present an assessment of existing and proposed mechanisms to financing climate change interventions in developing countries, and to provide guidance on the best ways to make progress in raising and utilizing such financing. Recent events pose major challenges to the availability and sustainability of public (official and developing countries’ domestic resources) and private financial flows to developing countries. Yet, they also provide an opportunity to implement mechanisms for collective action at a global scale, particularly on issues such as climate change that affect both developed and developing countries.