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Published in:
2018 | Supplement | Chapter
3. Climate Finance
Authors : Antonio A. Romano, Giuseppe Scandurra, Alfonso Carfora, Monica Ronghi
Published in: Climate Finance as an Instrument to Promote the Green Growth in Developing Countries
Publisher: Springer International Publishing
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Abstract
Since 1992, the United Nations Framework Convention on Climate Change (UNFCCC) has set out a framework for international action to stabilize greenhouse gas emissions (GHG) to prevent dangerous climate change. The UNFCCC recognizes that developed country Parties (Annex II Parties) have to provide financial resources to assist developing country Parties in implementing the set goals.
During the 15th session of the Conference of the Parties (COP15) held in Copenhagen, the developed countries pledged to cooperatively provide USD 100 billion annually by 2020 to developing countries and guaranteed immediate “Fast-start Finance” of up to USD 30 billion over 2010–2012 to launch the project. Such financing can support developing nations by enabling poorer countries to move towards low-emission and climate-resilient development pathways.
In this chapter we focus on climate finance as it appears from the meetings that have taken place from the COP1 to the COP22. We propose a first analysis of the financial flows intended to promote energy generation and supply with renewable sources and those funds intended for the protection of the physical environment in order to identify preferential channels in “Fast-start finance” distribution and whether these preferences can affect the effectiveness of such measures.