Climate Finance: Regulatory and Funding Strategies for Climate Change and Global Development

Climate Finance: Regulatory and Funding Strategies for Climate Change and Global Development

Climate Finance: Regulatory and Funding Strategies for Climate Change and Global Development

Climate Finance: Regulatory and Funding Strategies for Climate Change and Global Development

Synopsis

Preventing risks of severe damage from climate change not only requires deep cuts in developed country greenhouse gas emissions, but enormous amounts of public and private investment to limit emissions while promoting green growth in developing countries. While attention has focused on emissions limitations commitments and architectures, the crucial issue of what must be done to mobilize and govern the necessary financial resources has received too little consideration. In Climate Finance, a leading group of policy experts and scholars shows how effective mitigation of climate change will depend on a complex mix of public funds, private investment through carbon markets, and structured incentives that leave room for developing country innovations. This requires sophisticated national and global regulation of cap-and-trade and offset markets, forest and energy policy, international development funding, international trade law, and coordinated tax policy.Thirty-six targeted policy essays present a succinct overview of the emerging field of climate finance, defining the issues, setting the stakes, and making new and comprehensive proposals for financial, regulatory, and governance mechanisms that will enrich political and policy debate for many years to come. The complex challenges of climate finance will continue to demand fresh insights and creative approaches. The ideas in this volume mark out starting points for essential institutional and policy innovations.This book, and additional resources, are available online at: www.climatefinance.org

Excerpt

Mariët Westermann

Provost, NYU Abu Dhabi

Philip Kennedy

Faculty Director, NYU Abu Dhabi Institute

This book is the first volume of policy papers issuing from the NYU Abu Dhabi Institute. It demonstrates NYU Abu Dhabi's commitment to scholarship on matters that have critical significance in the world today. And we consider it fitting, with the selection of Abu Dhabi as home for the International Renewable Energy Agency and the ground-breaking work of Masdar, that this volume tackles one of the most pressing global issues: climate change.

Climate change mitigation and adaptation requires complex thinking across a wide range of fields: science, economics, finance, public policy, and law. Effective action demands the collaboration of institutions on all continents. Resulting from a conference on novel mechanisms and frameworks for financing climate change abatement—organized jointly by NYU's School of Law and the NYU Abu Dhabi Institute—the papers in this book exemplify this cross-disciplinary and inter-continental approach. Abu Dhabi is an apt location for such a meeting of minds and call to action. As a flat, low-lying, desert country with an extensive Gulf coastline, at a latitude of 24° N, Abu Dhabi has a particularly direct understanding of the risks attached to even a small rise in global temperatures and sea levels. The Emirate's long-term strategy to diversify its economy beyond hydrocarbon resources includes a major commitment to . . .

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