By Richard B. Stewart, Benedict Kingsbury, Bryce Rudyk
Fighting hazards of critical harm from weather switch not just calls for deep cuts in constructed state greenhouse fuel emissions, yet huge, immense quantities of private and non-private funding to restrict emissions whereas selling eco-friendly development in constructing nations. whereas consciousness has enthusiastic about emissions boundaries commitments and architectures, the the most important factor of what needs to be performed to mobilize and govern the required monetary assets has got too little attention. In weather Finance, a number one crew of coverage specialists and students indicates how potent mitigation of weather switch relies on a fancy mixture of public money, inner most funding via carbon markets, and based incentives that depart room for constructing nation suggestions. This calls for refined nationwide and international law of cap-and-trade and offset markets, woodland and effort coverage, overseas improvement investment, overseas alternate legislation, and coordinated tax policy.Thirty-six special coverage essays current a succinct evaluate of the rising box of weather finance, defining the problems, atmosphere the stakes, and making new and entire proposals for monetary, regulatory, and governance mechanisms that might improve political and coverage debate for a few years to return. The advanced demanding situations of weather finance will proceed to call for clean insights and inventive techniques. the information during this quantity mark out beginning issues for crucial institutional and coverage suggestions.
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Extra resources for Climate Finance: Regulatory and Funding Strategies for Climate Change and Global Development
International agreement by major states on adopting this strategy should be pursued through multilateral climate negotiations rather than bilateral tax treaties. Distortions and inefficiencies can also be independently caused by the various aspects of the tax treatment of permits that create a lock-in effect that leads firms to hold permits longer than they otherwise would in order to defer taxes on the increased value of the permits. As a result, permit 32 st ewa rt, k i n g sbu ry, a n d ru dy k values will rise because of tax considerations, distorting the tradeoff between abatement and holding permits.
Moreover, even where market-based incentives can operate in ways that facilitate environmental protection and green development, they often need to be complemented and supported by other measures. For example, Project Catalyst analysis points to positive economic returns on investments in energy efficiency, but the fact that many of these theoretically profitable investments are nonetheless not being made indicates the presence of powerful institutional, informational, principal-agent, and other barriers that markets by themselves cannot overcome.
Urban Climate Finance for Limiting Emissions and Promoting Green Development 25 policy is so complex that it must be tailored to innumerable local specificities and political structures — making metrics, replication, and rapid diffusion difficult — and it must necessarily be pursued largely though bottom-up processes. All of this calls for further reflection on what drives national policy formation on climate issues. The US and EU political processes have received intense study, so the factors influencing the approaches emerging there are broadly understood even if not robustly predictable in their outcomes; but much less is generally known about Chinese policymaking processes.
Climate Finance: Regulatory and Funding Strategies for Climate Change and Global Development by Richard B. Stewart, Benedict Kingsbury, Bryce Rudyk