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  From climate finance toward sustainable development finance

Steckel, J. C., Jakob, M., Flachsland, C., Kornek, U., Lessmann, K., Edenhofer, O. (2017): From climate finance toward sustainable development finance. - Wiley Interdisciplinary Reviews: Climate Change, 8, 1, e437.
https://doi.org/10.1002/wcc.437

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 Creators:
Steckel, Jan Christoph1, Author              
Jakob, M.2, Author
Flachsland, C.2, Author
Kornek, U.2, Author
Lessmann, Kai1, Author              
Edenhofer, Ottmar1, Author              
Affiliations:
1Potsdam Institute for Climate Impact Research, ou_persistent13              
2External Organizations, ou_persistent22              

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 Abstract: Decarbonizing the global energy system requires large‐scale investment flows, with a central role for international climate finance to mobilize private funds. The willingness to provide international finance in accordance with common but differentiated responsibilities was acknowledged by the broad endorsement of the Paris Agreement, and the Green Climate Funds in particular. The international community aims to mobilize at least USD 100 billion per year for mitigation and adaption in developing countries. In this article, we argue that too little attention has been paid on the spending side of climate finance, both in the political as well as the academic debate. To this end, we review the challenges encountered in project‐based approaches of allocating climate finance in the past. In contrast to project‐based finance, we find many advantages to spending climate finance in support of price‐based national policies. First, the support for international climate cooperation is improved when efforts of successively rising domestic carbon pricing levels are compensated. Second, carbon pricing sets incentives for least‐cost mitigation. Third, investing domestic revenues from emission pricing schemes could advance a country's individual development goals and ensure the recipient's ‘ownership’ of climate policies. We conclude that by reconciling the global goal of cost‐efficient mitigation with national policy priorities, climate finance for carbon pricing could become a central pillar of sustainable development and promote international cooperation to achieve the climate targets laid down in the Paris Agreement. WIREs Clim Change 2017, 8:e437. doi: 10.1002/wcc.437

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 Dates: 2017
 Publication Status: Finally published
 Pages: -
 Publishing info: -
 Table of Contents: -
 Rev. Type: Peer
 Identifiers: DOI: 10.1002/wcc.437
PIKDOMAIN: Sustainable Solutions - Research Domain III
eDoc: 7478
Research topic keyword: Climate Policy
Research topic keyword: Carbon Pricing
Research topic keyword: Sustainable Development
Organisational keyword: RD3 - Transformation Pathways
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Title: Wiley Interdisciplinary Reviews: Climate Change
Source Genre: Journal, SCI, Scopus
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Pages: - Volume / Issue: 8 (1) Sequence Number: e437 Start / End Page: - Identifier: Other: Wiley-Blackwell - STM
Other: 1757-7799
ISSN: 1757-7780
CoNE: https://publications.pik-potsdam.de/cone/journals/resource/wires-climate-change