Climate finance for sustainable development

Climate finance for sustainable development

Finance is one of the central aspects necessary for combatting climate change and is covered by a wide range of mechanisms, institutional arrangements and governing bodies with the United Nations Framework Convention on Climate Change (UNFCCC), validating claims that the Convention is indeed both a regime complex and a complex regime. The chapter begins by outlining those arrangements historically and how they, and the responsibilities pertaining to them, have evolved over time. It continues with a summary of some of the main points of contention, not the least of which have been disputes over the provision of resources from developed to developing countries, which have served to reinforce the North/ South divide, notably in the context of climate finance. The remainder of the chapter summarises the key themes and findings of the contributing authors to this section of the Handbook, who discuss the strengths and weaknesses of some of the central mechanisms for financing climate action within the UNFCCC, and beyond. They provide recommendations as to how the integrity of finance can be safeguarded, both within the Convention and beyond, where the impacts of poverty - and COVID-19 - make resilience in the face of the escalating climate emergency especially difficult.

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