Climate finance and developing countries: the need for regime development
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The Paris Agreement in Article 2 calls for “making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development” in support of a global transition towards sustainability. Climate finance include all forms of financial support from public, private and alternative sources that target low-carbon and climate-resilient development in all countries of the world. As a critical equity and justice issue to help the most vulnerable that have contributed very little to the problem, Article 9 of the Paris Agreement stipulates that developed countries shall provide financial resources to assist developing countries to help them reduce GHG emissions and adapt to a changing climate. The stated climate finance goal is for developed countries to mobilize jointly at least USD 100 billion a year from public and private sources by 2020, to be scaled up over time as part of the implementation of the Paris Agreement. The international climate finance regime set up to support developing countries towards this target involves a large number of actors, funds and mechanisms as financial support comes in many different forms. Existing estimates of current climate finance flows from multilateral, bilateral and private sources, however, are highly uncertain and subject to much controversy based on unavailability of data, methodological variations, and disagreements over what should be counted as climate finance. [TRUNCATED]
This repository item contains a working paper from the Boston University Global Economic Governance Initiative. The Global Economic Governance Initiative (GEGI) is a research program of the Center for Finance, Law & Policy, the Frederick S. Pardee Center for the Study of the Longer-Range Future, and the Frederick S. Pardee School of Global Studies. It was founded in 2008 to advance policy-relevant knowledge about governance for financial stability, human development, and the environment.