Environmental finance

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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. [2]

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. [2]

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: [2]

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. [4]

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. [5]

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. [6] 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 [7] . 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. [6]

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. [7] 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. [8] 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. [7]

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. [9] 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. [10] 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. [11]    

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. [12]  

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 [13] . 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. [12] 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. [14]

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. [15]

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. [16]

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. [17] 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. [18] Shifts away from fossil fuels also increase demand into alternate energy sources which requires revised investment strategies. [18]

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. [19] 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. [20]

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. [21]  

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. [22]

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. [23]

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 funding investments in the area of climate change mitigation and adaptation. In a wider sense, the term refers to all financial flows relating to climate change mitigation and adaptation. In a narrower sense it only refers to transfers of public money from developed countries to developing countries. This would be in light of their obligations under the UN Climate Convention to provide new and additional financial resources.

The 2015 United Nations Climate Change Conference introduced a new era for climate finance, policies, and markets. The Paris Agreement, which was adopted at that conference, defined a global action plan to put the world on track to avoid dangerous climate change by limiting global warming to well below 2 °C above pre-industrial levels. The agreement covers climate change mitigation, adaptation, and finance. The financing element includes climate-specific support mechanisms and financial aid for mitigation and adaptation activities. The aims of these activities is to speed up the energy transition towards a low-carbon economy and climate-resilient growth. [25]

As of November 2020, development banks and private finance had not reached the US$100 billion per year investment stipulated in the UN climate negotiations for 2020. [26]

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%. [17] 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. [27]

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. [28]

In 2016, the Québec Cap-and-trade scheme was responsible for an 11% reduction in emissions compared to 1990 emission levels [20] . Due to the associated increased energy costs, fuel prices rose 2-3 cents per litre over the duration of the cap and trade scheme. [20]

In 2014, the Clean Development Mechanism was responsible for a 1% reduction in global greenhouse gas emissions. [29]  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. [30]

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-based 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 is action to limit the greenhouse gases in the atmosphere that cause climate change. Greenhouse gas emissions are primarily caused by people burning fossil fuels such as coal, oil, and natural gas. Phasing out fossil fuel use can happen by conserving energy and replacing fossil fuels with clean energy sources such as wind, hydro, solar, and nuclear power. Secondary mitigation strategies include changes to land use and removing carbon dioxide (CO2) from the atmosphere. Governments have pledged to reduce greenhouse gas emissions, but actions to date are insufficient to avoid dangerous levels of climate change.

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 meet two objectives: (1) to assist non-Annex I countries achieve sustainable development and reduce their carbon footprints; and (2) to assist Annex I countries in achieving compliance with their emissions reduction commitments.

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

Carbon offsetting is a carbon trading mechanism that allows entities such as governments or businesses to compensate for (i.e. “offset”) their greenhouse gas emissions. It works by supporting projects that reduce, avoid, or remove emissions elsewhere. In other words, carbon offsets work by offsetting emissions through investments in emission reduction projects. When an entity invests in a carbon offsetting program, it receives carbon credits. These "tokens" are then used to account for net climate benefits from one entity to another. A carbon credit or offset credit can be bought or sold after certification by a government or independent certification body. One carbon offset or credit represents a reduction, avoidance or removal of one 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 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.

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.

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

Clean technology, in short 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.

<span class="mw-page-title-main">Environmental effects of aviation</span> Effect of emissions from aircraft engines

Aircraft engines produce gases, noise, and particulates from fossil fuel combustion, raising environmental concerns over their global effects and their effects on local air quality. Jet airliners contribute to climate change by emitting carbon dioxide, the best understood greenhouse gas, and, with less scientific understanding, nitrogen oxides, contrails and particulates. Their radiative forcing is estimated at 1.3–1.4 that of CO2 alone, excluding induced cirrus cloud with a very low level of scientific understanding. In 2018, global commercial operations generated 2.4% of all CO2 emissions.

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 address climate change, in which a monetary cost is applied to greenhouse gas emissions in order to encourage polluters to reduce the combustion of coal, oil and gas – the main driver of climate change. 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 (GHG) 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.

After the 2007 United Nations Climate Change Conference held on the island of Bali in Indonesia in December 2007, the participating nations adopted the Bali Road Map as a two-year process working towards finalizing a binding agreement at the 2009 United Nations Climate Change Conference in Copenhagen, Denmark. The conference encompassed meetings of several bodies, including the 13th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change and the third session of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol.

<span class="mw-page-title-main">Carbon emission trading</span> An approach to limit climate change by creating a market with limited allowances for CO2 emissions

Carbon emission trading (also called carbon market, emission trading scheme (ETS) or cap and trade) is a type of emission trading scheme designed for carbon dioxide (CO2) and other greenhouse gases (GHG). It is a form of carbon pricing. Its purpose is to limit climate change by creating a market with limited allowances for emissions. This can reduce the competitiveness of fossil fuels, and instead accelerate investments into renewable energy, such as wind power and solar power. Fossil fuels are the main driver for climate change. They account for 89% of all CO2 emissions and 68% of all GHG emissions.

<span class="mw-page-title-main">Economics of climate change mitigation</span> Part of the economics of climate change related to climate change mitigation

The economics of climate change mitigation is a contentious part of climate change mitigation – action aimed to limit the dangerous socio-economic and environmental consequences of climate change.

<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 (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 funding investments in the area of climate change mitigation and adaptation. In a wider sense, the term refers to all financial flows relating to climate change mitigation and adaptation. In a narrower sense it only refers to transfers of public money from developed countries to developing countries. This would be in light of their obligations under the UN Climate Convention to provide new and additional financial resources.

<span class="mw-page-title-main">Climate and Clean Air Coalition to Reduce Short-Lived Climate Pollutants</span>

The Climate and Clean Air Coalition to Reduce Short-Lived Climate Pollutants (CCAC) was launched by the United Nations Environment Programme (UNEP) and six countries—Bangladesh, Canada, Ghana, Mexico, Sweden, and the United States—on 16 February 2012. The CCAC aims to catalyze rapid reductions in short-lived climate pollutants to protect human health, agriculture and the environment. To date, more than $90 million has been pledged to the Climate and Clean Air Coalition from Canada, Denmark, the European Commission, Germany, Japan, the Netherlands, Norway, Sweden, and the United States. The program is managed out of the United Nations Environmental Programme through a Secretariat in Paris, France.

<span class="mw-page-title-main">Greenhouse gas emissions by China</span> Emissions of gases harmful to the climate from China

China's greenhouse gas emissions are the largest of any country in the world both in production and consumption terms, and stem mainly from coal burning, including coal power, coal mining, and blast furnaces producing iron and steel. When measuring production-based emissions, China emitted over 14 gigatonnes (Gt) CO2eq of greenhouse gases in 2019, 27% of the world total. When measuring in consumption-based terms, which adds emissions associated with imported goods and extracts those associated with exported goods, China accounts for 13 gigatonnes (Gt) or 25% of global emissions.

<span class="mw-page-title-main">Sustainable Development Goal 13</span> UN goal to combat climate change

Sustainable Development Goal 13 is to limit and adapt to climate change. It is one of 17 Sustainable Development Goals established by the United Nations General Assembly in 2015. The official mission statement of this goal is to "Take urgent action to combat climate change and its impacts". SDG 13 and SDG 7 on clean energy are closely related and complementary.

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  21. ↑ "The Clean Development Mechanism". unfccc.int. Retrieved 2023-07-12.
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