Climate Finance: Regulatory and Funding Strategies for by Richard B. Stewart, Benedict Kingsbury, Bryce Rudyk

By Richard B. Stewart, Benedict Kingsbury, Bryce Rudyk

Preventing dangers of critical harm from weather switch not just calls for deep cuts in constructed kingdom 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 realization has thinking 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 Climate Finance, a number one workforce of coverage specialists and students exhibits how potent mitigation of weather switch is dependent upon a posh mixture of public cash, inner most funding via carbon markets, and established incentives that go away room for constructing state thoughts. This calls for subtle nationwide and worldwide law of cap-and-trade and offset markets, wooded area and effort coverage, overseas improvement investment, foreign alternate legislation, and coordinated tax policy.

Thirty-six particular coverage essays current a succinct evaluate of the rising box of weather finance, defining the problems, atmosphere the stakes, and making new and accomplished 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 ways. the information during this quantity mark out beginning issues for crucial institutional and coverage innovations.

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A proliferation of regulatory arrangements invites arbitrage and opportunism that may eventually lead to the ironing out of incongruities, but at considerable fiscal and environmental cost. Regulatory competition likewise can have benefits, but also major costs. Regulatory cooperation, mutual recognition arrangements, and real coordination between national regulators and funders with different objectives and constituencies may become effective only very slowly. Some structures of transnational and international regulation will almost inevitably be demanded, but will come into tension with the values of bottom-up approaches.

Classifying any sectoral reforms by reference to standard cost-curve metrics and methodologies, such as negative cost, co-benefits actions, and positive cost, involves drawn-out negotiations and may be counterproductive. Such classifications give countries incentives to demonstrate that their possible actions carry high positive costs, which means they need to avoid undertaking these actions unless they receive climate financing. Thus, sectoral approaches can risk discouraging early action while rewarding stonewalling and late action.

Tax issues are important because the efficiency and effectiveness of trading systems in achieving climate protection goals can be seriously compromised by inappropriate domestic tax policies and by international differences in tax treatment. Emissions trading markets produce cost savings and enhance environmental benefits relative to traditional prescriptive regulation because they allocate emissions limitations among sources in the most cost-effective pattern, and thereby achieve aggregate limitations at lowest cost.

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