Environmental finance

Last updated

Environmental finance is a field within finance that employs market-based environmental policy instruments to improve the ecological impact of investment strategies. [1] The primary objective of environmental finance is to regress the negative impacts of climate change through pricing and trading schemes. [2] The field of environmental finance was established in response to the poor management of economic crises by government bodies globally. [3] Environmental finance aims to reallocate a businesses resources to improve the sustainability of investments whilst also retaining profit margins. [2]

Contents

History

In 1992, Richard L. Sandor proposed a new course outlining emission markets at the University of Chicago Booth School of Business, that would later be known as the course, Environmental Finance. Sandor anticipated a social shift in perspectives on the effects of global warming and wanted to be on the frontier of new research. [4]

Prior to this in 1990, Sandor had been involved with the passing of the Clean Air Act Amendment for the Chicago Board of Trade, which aimed to reduce high sulfur dioxide levels following WW2. Inspired by the theory of social cost, Sandor focused on cap-and-trade strategies such as emission trading schemes and more flexible mechanisms including taxes and subsidies to manage environmental crisis. The implementation of cap-and-trade mechanisms was a contributing factor to the success of the Clean Air Act Amendment. [5]

Dr Richard L. Sandor Richard Sandor Head Shot.jpg
Dr Richard L. Sandor

Following the Clean Air Act in 1990, the United Nations Conference on Trade and Development approached the Chicago Board of Trade in 1991, to enquire about how the market-based instruments used to combat high atmospheric sulfur dioxide concentrations could be applied to the increasing levels of atmospheric carbon dioxide. Sandor created a framework consisting of four characteristics which could be used to describe the carbon market: [6]

In 1997 the Kyoto Protocol was enacted and later enforced in 2005 by the United Nations Framework Convention on Climate Change. Included nations agreed to focus on reducing global greenhouse gas emissions through the market-based mechanism of emissions trading. Reductions averaged approximately 5% by 2012 which equates to almost 30% in reduction of total emissions. Some nations made significant progress under the Kyoto protocol, however as it only became law in 2005, nations such as the United States and China reported increased emissions, substantially offsetting progress made by other regions. [7]

Nations involved in the 2005 Kyoto Protocol Kyoto Protocol ratification map 2005.png
Nations involved in the 2005 Kyoto Protocol

In 1999, the Dow Jones Sustainability Index was introduced to evaluate the ecological and social impact of stocks so shareholders could invest more sustainably. The index acts as an incentive for firms to improve their environmental footprint to attract more shareholders. [8]

Later in 2000, the United Nations introduced the Millennium Development Goal scheme which sought to promote a sustainable framework for large multinational corporations and countries to follow to improve the environmental impact of financial investments. This framework facilitated the development of the United Nations Sustainable Development Goal scheme in 2015, which aimed to increase funding environmentally responsible investments in developing nations. [9] Funding was targeted to improve areas such as primary education, gender equality, maternal health, and nutrition, with the overall goal of creating beneficial national relationships to decrease the ecological footprint of developing economies [10] . Implementation of these frameworks has promoted greater participation and accountability of corporate environmental sustainability, with over 230 of the largest global firms reporting their sustainability metrics to the United Nations. [9]

The United Nations Environment Program (UNEP) has had a detailed history in providing infrastructure to improve the environmental effects of financial investments. In 2004, the institute provided training on responsible environmental credit budgeting and management for Eastern European nations. Following the Global Financial Crisis beginning in 2007, the UNEP provided substantial support for future sustainable investment choices for economies such as Greece which were impacted severely. [10] The Portfolio Decarbonisation Coalition established in 2014 is a significantly notable initiative in the history of environmental finance as it aims to establish an economy that is not dependent on investments with large carbon footprints. This goal is achieved through large-scale stakeholder reinvestment and securing long-term, responsible, investment commitments. [11] Most recently, the UNEP has recommended OECD nations to align investment strategies alongside the objectives of the Paris Agreement, to improve long-term investments with significant ecological effects. [10]

In 2008 the Climate Change Act enacted by the UK Government established a framework to limit greenhouse gasses and carbon emissions through a budgeting scheme, which motivated firms and businesses to reduce their carbon output for a financial reward. [12] Specifically, by 2050 it seeks to reduce carbon emissions by 80% compared to levels in 1980. The Act seeks to achieve this goal by reviewing carbon budgeting schemes such emission trading credits, every 5 years to continually reassess and recalibrate relevant policies. The cost of reaching the 2050 goal has been estimated at approximately 1.5% of GDP, although the positive environmental impact of reducing carbon footprint and increased in investment into the renewable energy sector will offset this cost. [13] A further implicated cost in the pursuit of the Act is a predicted £100 increase in annual household energy costs, however this price increase is set to be outweighed by an improved energy efficiency which will decrease fuel costs. [14]    

The 2010 cap and trade scheme introduced in the metropolitan regions of Tokyo was mandatory for businesses heavily dependent on fuel and electricity, who accounted for almost 20% of total carbon emissions in the area.  The scheme aimed to reduce emissions by 17% by the end of 2019. [15]  

In 2011 the Clean Energy Act was enacted by the Australian Government. The act introduced the Carbon Tax which aimed to reduce greenhouse gas emission by charging large firms for their carbon tonnage. The Clean Energy Act facilitated the transition to an emissions trading scheme in 2014 [16] . The scheme also aims to fulfill the Australian Government's obligations in respect to the Kyoto Protocol and the Climate Change Convention. Additionally, the Act seeks to reduce emissions in a manner that will foster economic growth through increased market competition and investment into renewable energy sources. [15] The Australian National Registry of Emissions Units regulates and monitors the use of emission credits utilised by the Act. Firms must enroll in the registry to buy and sell credits to compensate for their relevant reduction or over-consumption of carbon emissions. [17]

The Republic of Korea's 2015 emission trading scheme aims to reduce carbon emissions by 37% by 2030. It strives to achieve this through allocating a quota of carbon emission to the largest carbon emitting businesses, resetting at the beginning of the schemes 3 separate phases. [18]

In 2017 the National Mitigation Plan was passed by the Irish Government which aimed to regress climate change by decreasing emission levels through revised investment strategies and frameworks for power generation, agriculture, and transport The plan involves 106 separate guidelines for short and long term climate change mitigation. [19]

The European Union Emission Trading Scheme concluding at the end of 2020 is the longest single global carbon pricing scheme, which has been improved over its three 5-year phases. [20] Current improvements include a centralised emission credit trading system, auctioning of credits, addressing a broader range of green house gasses and the introduction of a European-wide credit cap instead of national caps.

Strategies

Renewable Energy Schematic Logo Renewable Energy by Melanie Maecker-Tursun V1 4c.jpg
Renewable Energy Schematic

Societal shifts from fossil fuels to renewable energy caused by an increased awareness of climate change has made government bodies and firms re-evaluate investment strategies to avoid irreparable ecological damage. [21] Shifts away from fossil fuels also increase demand into alternate energy sources which requires revised investment strategies. [21]

The initial stage to mitigate climate change through financial tools involves ecological and economic forecasting to model future impacts of current investment methodologies on the environment. [22] This allows for an approximate estimation of future environments; however, the impacts of continued harmful business trends need to be observed under a non-linear perspective. [3]

Cap-and-trade mechanisms limit the total amount of emissions a particular region or country can emit. Firms are issued with tradeable permits which they can buy or sell. This acts as a financial incentive to reduce emissions and as a disincentive to exceed emission caps. [1]

In 2005, the European Union Emission Trading Scheme was established and is now the largest emission trading scheme globally. [1]

Solar Panel Infrastructure Foto aere de solnovas y torre junio 2010.jpg
Solar Panel Infrastructure

In 2013, the Québec Cap-and-trade scheme was established and is currently the primary mitigation strategy for the area. [23]

Direct foreign investment into developing nations provide more efficient and sustainable energy sources. [1]

In 2006, the Clean Development Mechanism was formed under the Kyoto Protocol, providing solar power and new technologies to developing nations. Countries who invest into developing nations can receive emission reduction credits as a reward. [24]  

Removal of atmospheric carbon dioxide has been proposed as a solution to mitigate climate change, by increasing tree densities to absorb carbon dioxide. Other methods involve new technologies which are still in research development stages. [25]

Research in environmental finance has sought how to strategically invest in clean technologies. When paired with international legislation, such as the case of the Montreal Protocol on Substances that Deplete the Ozone Layer, environmentally based investments have stimulated emerging industries and reduced the consequences of climate change. The international collaboration would ultimately lead to the changes that repaired the hole in the ozone layer. [26]

Climate finance

This section is an excerpt from Climate finance.[ edit ]
Investments in sustainable energy (clean energy) is an example of climate finance. As of 2023, it has increased due to high fossil fuel prices and growing policy support across various nations. 2015- Clean energy vs fossil fuel investment - IEA.svg
Investments in sustainable energy (clean energy) is an example of climate finance. As of 2023, it has increased due to high fossil fuel prices and growing policy support across various nations.
Climate finance is an umbrella term for financial resources such as loans, grants, or domestic budget allocations for climate change mitigation, adaptation or resiliency. Finance can come from private and public sources. It can be channeled by various intermediaries such as multilateral development banks or other development agencies. Those agencies are particularly important for the transfer of public resources from developed to developing countries in light of UN Climate Convention obligations that developed countries have. [28] : 7 

There are two main sub-categories of climate finance based on different aims. Mitigation finance is investment that aims to reduce global carbon emissions. Adaptation finance aims to respond to the consequences of climate change. [29] Globally, there is a much greater focus on mitigation, accounting for over 90% of spending on climate. [30] [31] : 2590  Renewable energy is an important growth area for mitigation investment and has growing policy support. [32] : 5 

Finance can come from private and public sources, and sometimes the two can intersect to create financial solutions. It is widely recognized that public budgets will be insufficient to meet the total needs for climate finance, and that private finance will be important to close the finance gap. [33] : 16  Many different financial models or instruments have been used for financing climate actions. For example green bonds, carbon offsetting, and payment for ecosystem services are some promoted solutions. There is considerable innovation in this area. Transfer of solutions that were not developed specifically for climate finance is also taking place, such as public–private partnerships and blended finance.

There are many challenges with climate finance. Firstly, there are difficulties with measuring and tracking financial flows. Secondly, there are also questions around equitable financial support to developing countries for cutting emissions and adapting to impacts. It is also difficult to provide suitable incentives for investments from the private sector.

Impact

European Union Map European Union as a single entity.png
European Union Map

The European Union Emission Trading Scheme from 2008-2012 was responsible for a 7% reduction in emissions for the states within the scheme. In 2013, allowances were reviewed to accommodate for new emission reduction targets. The new annual recommended target was a reduction of 1.72%. [1] It is estimated that reducing the amount of quoted credits was restricted more tightly, emissions could have been reduced by a total of 25%. [20] Nations such as Romania, Poland and Sweden experienced significant revenue, benefiting from selling credits.  Despite successfully reducing emissions, the European Union Emission Trading Scheme has been critiqued for its lack of flexibility to accommodate to major shifts in the economic landscape and reassess currents contexts to provide a revised cap on trading credits, potentially undermining the original objective of the scheme. [34]

The New Zealand Emissions Trading Scheme of 2008 was modelled to increase annual household energy expenditure to 0.8% and increase fuel prices by approximately 6%. The price of agricultural products such as beef and dairy were modelled to decrease by almost 1%. Price increases in carbon intensive sectors such as foresting and mining were also expected, incentivising a shift towards renewable energy system and improved investment strategies with a less harmful environmental impact. [35]

In 2016, the Québec Cap-and-trade scheme was responsible for an 11% reduction in emissions compared to 1990 emission levels [23] . Due to the associated increased energy costs, fuel prices rose 2-3 cents per litre over the duration of the cap and trade scheme. [23]

In 2014, the Clean Development Mechanism was responsible for a 1% reduction in global greenhouse gas emissions. [36]  The Clean Development Mechanism has been responsible for removing 7 billion tons of greenhouse gasses from the atmosphere through the efforts of almost 8000 individual projects. Despite this success, as the economies of developing nations participating in Clean Development Mechanisms improves, the financial payout to the country supplying such infrastructure increases at a greater rate than economic growth, thus leading to an unoptimised and counterproductive system. [37]

Related Research Articles

<span class="mw-page-title-main">Kyoto Protocol</span> 1997 international treaty to reduce greenhouse gas emissions

The Kyoto Protocol (Japanese: 京都議定書, Hepburn: Kyōto Giteisho) was an international treaty which extended the 1992 United Nations Framework Convention on Climate Change (UNFCCC) that commits state parties to reduce greenhouse gas emissions, based on the scientific consensus that global warming is occurring and that human-made CO2 emissions are driving it. The Kyoto Protocol was adopted in Kyoto, Japan, on 11 December 1997 and entered into force on 16 February 2005. There were 192 parties (Canada withdrew from the protocol, effective December 2012) to the Protocol in 2020.

<span class="mw-page-title-main">Emissions trading</span> Market-based approach used to control pollution

Emissions trading is a market-oriented approach to controlling pollution by providing economic incentives for reducing the emissions of pollutants. The concept is also known as cap and trade (CAT) or emissions trading scheme (ETS). One prominent example is carbon emission trading for CO2 and other greenhouse gases which is a tool for climate change mitigation. Other schemes include sulfur dioxide and other pollutants.

<span class="mw-page-title-main">Climate change mitigation</span> Actions to reduce net greenhouse gas emissions to limit climate change

Climate change mitigation (or decarbonisation) is action to limit the greenhouse gases in the atmosphere that cause climate change. Climate change mitigation actions include conserving energy and replacing fossil fuels with clean energy sources. Secondary mitigation strategies include changes to land use and removing carbon dioxide (CO2) from the atmosphere. Current climate change mitigation policies are insufficient as they would still result in global warming of about 2.7 °C by 2100, significantly above the 2015 Paris Agreement's goal of limiting global warming to below 2 °C.

The Clean Development Mechanism (CDM) is a United Nations-run carbon offset scheme allowing countries to fund greenhouse gas emissions-reducing projects in other countries and claim the saved emissions as part of their own efforts to meet international emissions targets. It is one of the three Flexible Mechanisms defined in the Kyoto Protocol. The CDM, defined in Article 12 of the Protocol, was intended to assist non-Annex I countries achieve sustainable development and reduce their carbon footprints, and to assist Annex I countries achieve compliance with greenhouse gas emissions reduction commitments.

<span class="mw-page-title-main">Politics of climate change</span> Interaction of societies and governments with current climate change

The politics of climate change results from different perspectives on how to respond to climate change. Global warming is driven largely by the emissions of greenhouse gases due to human economic activity, especially the burning of fossil fuels, certain industries like cement and steel production, and land use for agriculture and forestry. Since the Industrial Revolution, fossil fuels have provided the main source of energy for economic and technological development. The centrality of fossil fuels and other carbon-intensive industries has resulted in much resistance to climate friendly policy, despite widespread scientific consensus that such policy is necessary.

<span class="mw-page-title-main">Carbon offsets and credits</span> Carbon dioxide reduction scheme

Carbon offsetting is a carbon trading mechanism that enables entities to compensate for offset greenhouse gas emissions by investing in projects that reduce, avoid, or remove emissions elsewhere. When an entity invests in a carbon offsetting program, it receives carbon credit or offset credit, which account for the net climate benefits that one entity brings to another. After certification by a government or independent certification body, credits can be traded between entities. One carbon credit represents a reduction, avoidance or removal of one metric tonne of carbon dioxide or its carbon dioxide-equivalent (CO2e).

<span class="mw-page-title-main">Business action on climate change</span> Range of activities by businesses relating to climate change

Business action on climate change is a topic which since 2000 includes a range of activities relating to climate change, and to influencing political decisions on climate change-related regulation, such as the Kyoto Protocol. Major multinationals have played and to some extent continue to play a significant role in the politics of climate change, especially in the United States, through lobbying of government and funding of climate change deniers. Business also plays a key role in the mitigation of climate change, through decisions to invest in researching and implementing new energy technologies and energy efficiency measures.

<span class="mw-page-title-main">Economic analysis of climate change</span>

An economic analysis of climate change uses economic tools and models to calculate the magnitude and distribution of damages caused by climate change. It can also give guidance for the best policies for mitigation and adaptation to climate change from an economic perspective. There are many economic models and frameworks. For example, in a cost–benefit analysis, the trade offs between climate change impacts, adaptation, and mitigation are made explicit. For this kind of analysis, integrated assessment models (IAMs) are useful. Those models link main features of society and economy with the biosphere and atmosphere into one modelling framework. The total economic impacts from climate change are difficult to estimate. In general, they increase the more the global surface temperature increases.

Flexible mechanisms, also sometimes known as Flexibility Mechanisms or Kyoto Mechanisms, refers to emissions trading, the Clean Development Mechanism and Joint Implementation. These are mechanisms defined under the Kyoto Protocol intended to lower the overall costs of achieving its emissions targets. These mechanisms enable Parties to achieve emission reductions or to remove carbon from the atmosphere cost-effectively in other countries. While the cost of limiting emissions varies considerably from region to region, the benefit for the atmosphere is in principle the same, wherever the action is taken.

Eco commerce is a business, investment, and technology-development model that employs market-based solutions to balancing the world's energy needs and environmental integrity. Through the use of green trading and green finance, eco-commerce promotes the further development of "clean technologies" such as wind power, solar power, biomass, and hydropower.

<span class="mw-page-title-main">Clean technology</span> Any process, product, or service that reduces negative environmental impacts

Clean technology, also called cleantech or climatetech, is any process, product, or service that reduces negative environmental impacts through significant energy efficiency improvements, the sustainable use of resources, or environmental protection activities. Clean technology includes a broad range of technology related to recycling, renewable energy, information technology, green transportation, electric motors, green chemistry, lighting, grey water, and more. Environmental finance is a method by which new clean technology projects can obtain financing through the generation of carbon credits. A project that is developed with concern for climate change mitigation is also known as a carbon project.

The Investor Network on Climate Risk (INCR) is a nonprofit organization of investors and financial institutions that promotes better understanding of the financial risks and investment opportunities posed by climate change. INCR is coordinated by Ceres, a coalition of investors and environmental groups working to advance sustainable prosperity.

<span class="mw-page-title-main">Carbon price</span> CO2 Emission Market

Carbon pricing is a method for governments to mitigate climate change, in which a monetary cost is applied to greenhouse gas emissions. This is done to encourage polluters to reduce fossil fuel combustion, the main driver of climate change. A carbon price usually takes the form of a carbon tax, or an emissions trading scheme (ETS) that requires firms to purchase allowances to emit. The method is widely agreed to be an efficient policy for reducing greenhouse gas emissions. Carbon pricing seeks to address the economic problem that emissions of CO2 and other greenhouse gases are a negative externality – a detrimental product that is not charged for by any market.

<span class="mw-page-title-main">Carbon Pollution Reduction Scheme</span> Australian emissions trading scheme

The Carbon Pollution Reduction Scheme was a cap-and-trade emissions trading scheme for anthropogenic greenhouse gases proposed by the Rudd government, as part of its climate change policy, which had been due to commence in Australia in 2010. It marked a major change in the energy policy of Australia. The policy began to be formulated in April 2007, when the federal Labor Party was in Opposition and the six Labor-controlled states commissioned an independent review on energy policy, the Garnaut Climate Change Review, which published a number of reports. After Labor won the 2007 federal election and formed government, it published a Green Paper on climate change for discussion and comment. The Federal Treasury then modelled some of the financial and economic impacts of the proposed CPRS scheme.

<span class="mw-page-title-main">Carbon emission trading</span> Approach to limit climate change

Carbon emission trading (also called carbon market, emission trading scheme (ETS) or cap and trade) is a type of emissions trading scheme designed for carbon dioxide (CO2) and other greenhouse gases (GHGs). A form of carbon pricing, its purpose is to limit climate change by creating a market with limited allowances for emissions. Carbon emissions trading is a common method that countries use to attempt to meet their pledges under the Paris Agreement, with schemes operational in China, the European Union, and other countries.

The climate change policy of the United States has major impacts on global climate change and global climate change mitigation. This is because the United States is the second largest emitter of greenhouse gasses in the world after China, and is among the countries with the highest greenhouse gas emissions per person in the world. Cumulatively, the United States has emitted over a trillion metric tons of greenhouse gases, more than any country in the world.

<span class="mw-page-title-main">Climate change in Europe</span> Emissions, impacts and responses of Europe related to climate change

Climate change has resulted in an increase in temperature of 2.3 °C (4.14 °F) (2022) in Europe compared to pre-industrial levels. Europe is the fastest warming continent in the world. Europe's climate is getting warmer due to anthropogenic activity. According to international climate experts, global temperature rise should not exceed 2 °C to prevent the most dangerous consequences of climate change; without reduction in greenhouse gas emissions, this could happen before 2050. Climate change has implications for all regions of Europe, with the extent and nature of impacts varying across the continent.

<span class="mw-page-title-main">Climate finance</span> Type of investment in the context of climate action

Climate finance is an umbrella term for financial resources such as loans, grants, or domestic budget allocations for climate change mitigation, adaptation or resiliency. Finance can come from private and public sources. It can be channeled by various intermediaries such as multilateral development banks or other development agencies. Those agencies are particularly important for the transfer of public resources from developed to developing countries in light of UN Climate Convention obligations that developed countries have.

<span class="mw-page-title-main">Climate change in Tanzania</span> Emissions, impacts and responses of Tanzania related to climate change

Climate change in Tanzania is affecting the natural environment and residents of Tanzania. Temperatures in Tanzania are rising with a higher likelihood of intense rainfall events and of dry spells.

Climate finance in the United States involves the mobilization of public and private funds to support efforts to mitigate and adapt to climate change, with a focus on leveraging market-based mechanisms, policy incentives, and investments in clean energy and resilience initiatives to meet domestic and global climate goals.

References

  1. 1 2 3 4 5 Chesney, Marc; Gheyssens, Jonathan; Pana, Anca Claudia; Taschini, Luca (2016). Environmental Finance and Investments. Springer Texts in Business and Economics. doi:10.1007/978-3-662-48175-2. ISBN   978-3-662-48174-5.
  2. 1 2 Sandor 2012.
  3. 1 2 Linnenluecke, Martina K.; Smith, Tom; McKnight, Brent (December 2016). "Environmental finance: A research agenda for interdisciplinary finance research". Economic Modelling. 59: 124–130. doi:10.1016/j.econmod.2016.07.010.
  4. ↑ Sandor 2012, pp. 233–236.
  5. ↑ Sandor 2012, pp. 210–211.
  6. ↑ Sandor 2012, pp. 223–231.
  7. ↑ "What is the Kyoto Protocol?". unfccc.int. Retrieved 2023-07-12.
  8. ↑ "DJSI Index Family - Pure Play Asset Management". S&P Global. 2020.
  9. 1 2 "Green Business: Evolution of sustainable finance". Standard Chartered. 5 February 2019. Retrieved 2023-07-12.
  10. 1 2 3 "The Evolution of Sustainable Finance". UNEP Finance Initiative. June 6, 2017.
  11. ↑ "What is climate mainstreaming?". www.mainstreamingclimate.org. Retrieved 2023-07-12.
  12. ↑ "Climate Change Act 2008" . Retrieved 2023-07-12.
  13. ↑ Pearce, Rosamund (2016-12-16). "UK Climate Change Act: Understanding the costs and benefits". Carbon Brief. Retrieved 2023-07-12.
  14. ↑ Change, Extract from The Rough Guide to Climate (2011-03-11). "What is the Kyoto protocol and has it made any difference?". The Guardian. ISSN   0261-3077 . Retrieved 2023-07-12.
  15. 1 2 Talberg, A.; Swoboda, K. (June 6, 2013). "Emissions trading schemes around the world". Parliament of Australia.
  16. ↑ "The Carbon Tax in Australia". Centre For Public Impact (CPI). 5 May 2017. Retrieved 2023-07-12.
  17. ↑ "The Australian National Registry of Emissions Units (ANREU) - Emissions-EUETS.com". emissions-euets.com. Retrieved 2023-07-12.
  18. ↑ Kim, Ellie Jimin (2020-03-19). "East Asia's First Mandatory Emissions Trading System". Climate Scorecard. Retrieved 2023-07-12.
  19. ↑ "National Mitigation Plan - Climate Change Laws of the World". climate-laws.org. Retrieved 2023-07-12.
  20. 1 2 Laing, Tim; Sato, Misato; Grubb, Michael; Comberti, Claudia (January 2013). Assessing the effectiveness of the EU Emissions Trading System (Report). CiteSeerX   10.1.1.365.6508 . ProQuest   1698743158.
  21. 1 2 Ding, Ashley; Daugaard, Dan; Linnenluecke, Martina K. (March 2020). "The future trajectory for environmental finance: planetary boundaries and environmental, social and governance analysis". Accounting & Finance. 60 (1): 3–14. doi: 10.1111/acfi.12599 . S2CID   213576271.
  22. ↑ White, Mark A. (1996). "Environmental Finance: Value and Risk in an Age of Ecology". Business Strategy and the Environment. 5 (3): 198–206. doi:10.1002/(SICI)1099-0836(199609)5:3<198::AID-BSE66>3.0.CO;2-4.
  23. 1 2 3 "The cap-and-trade system in Québec". Centre For Public Impact (CPI). 13 June 2016. Retrieved 2023-07-12.
  24. ↑ "The Clean Development Mechanism". unfccc.int. Retrieved 2023-07-12.
  25. ↑ Cho, R. (2019). “Can Removing Carbon from the Atmosphere Save Us from Climate Catastrophe?” State of the Planet. https://blogs.ei.columbia.edu/2018/11/27/carbon-dioxide-removal-climate-change/
  26. ↑ Linnenluecke, Martina K.; Smith, Tom; McKnight, Brent (2016-12-01). "Environmental finance: A research agenda for interdisciplinary finance research". Economic Modelling. 59: 124–130. doi:10.1016/j.econmod.2016.07.010. ISSN   0264-9993.
  27. ↑ "World Energy Investment 2023 / Overview and key findings". International Energy Agency (IEA). 25 May 2023. Archived from the original on 31 May 2023. Global energy investment in clean energy and in fossil fuels, 2015-2023 (chart) — From pages 8 and 12 of World Energy Investment 2023 (archive).
  28. ↑ "Top-down Climate Finance Needs". CPI. Retrieved 2024-06-27.
  29. ↑ Kreibiehl, S., T. Yong Jung, S. Battiston, P. E. Carvajal, C. Clapp, D. Dasgupta, N. Dube, R. Jachnik, K. Morita, N. Samargandi, M. Williams, 2022: Investment and finance. In IPCC, 2022: Climate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [P.R. Shukla, J. Skea, R. Slade, A. Al Khourdajie, R. van Diemen, D. McCollum, M. Pathak, S. Some, P. Vyas, R. Fradera, M. Belkacemi, A. Hasija, G. Lisboa, S. Luz, J. Malley, (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA. doi:10.1017/9781009157926.017
  30. ↑ OECD (2022), Aggregate trends of Climate Finance Provided and Mobilised by Developed Countries in 2013-2020, https://www.oecd.org/climate-change/finance-usd-100-billion-goal .
  31. ↑ New, M., D. Reckien, D. Viner, C. Adler, S.-M. Cheong, C. Conde, A. Constable, E. Coughlan de Perez, A. Lammel, R. Mechler, B. Orlove, and W. Solecki, 2022: Chapter 17: Decision-Making Options for Managing Risk. In: Climate Change 2022: Impacts, Adaptation and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [H.-O. Pörtner, D.C. Roberts, M. Tignor, E.S. Poloczanska, K. Mintenbeck, A. Alegría, M. Craig, S. Langsdorf, S. Löschke, V. Möller, A. Okem, B. Rama (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 2539–2654, doi:10.1017/9781009325844.026
  32. ↑ "Global Landscape of Climate Finance 2023" (PDF). CPI.
  33. ↑ United Nations Environment Programme (2023). Adaptation Gap Report 2023: Underfinanced. Underprepared. Inadequate investment and planning on climate adaptation leaves world exposed. Nairobi. https://doi . org/10.59117/20.500.11822/43796
  34. ↑ Abdel-Ati, Ibrahim (2020-03-11). "The EU Emissions Trading System Seeking to Improve". Climate Scorecard. Retrieved 2023-07-12.
  35. ↑ Ministry for the Environment New Zealand (MFENZ). (2008). “7 The Impacts of the Emissions Trading Scheme.” The framework for a New Zealand Emissions Trading Scheme. https://www.mfe.govt.nz/publications/climate-change/framework-new-zealand-emissions-trading-scheme/7-impacts-emissions
  36. ↑ Warnecke, C., Day T., Tewari, R. (2015), “Impact of the Clean Development Mechanism.” New Climate Institute.
  37. ↑ Stahlke, Theresa (January 2020). "The impact of the Clean Development Mechanism on developing countries' commitment to mitigate climate change and its implications for the future". Mitigation and Adaptation Strategies for Global Change. 25 (1): 107–125. Bibcode:2020MASGC..25..107S. doi:10.1007/s11027-019-09863-8. S2CID   198632560.

Bibliography

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.