Investing in Adaptation: Mobilising Private Finance for Adaptation in Developing States

This contribution looks at public and private financing of climate change adaptation from an equity perspective. Having set out the key concepts and provided an overview of the current international legal framework for adaptation, it considers ways in which the current funding shortfall for adaptation could be filled, including through reform of the CDM. Bearing in mind the currently unrealized potential of this instrument to support equitable adaptation activities in developing countries, the paper explores the idea that “bonus CERs” could be awarded to projects supporting adaptation. Ultimately, both in relation to the CDM and more generally, the paper concludes that mobilizing private sector finance for adaptation will require “nuanced, hybrid approaches utilizing both incremental regulatory shifts and market mechanisms.”

The private sector is deeply involved in climate finance initiatives designed to reduce carbon emissions. Indeed, recognition of the commercial potential presented by certain climate mitigation activities has accelerated the development of new markets, technology, and mechanisms, such as renewable energy markets, emissions trading schemes, the Clean Development Mechanism (CDM), energyefficient technology, and their supporting industries. The same, however, cannot be said for adaptation finance. In many respects, it is this clearly visible capacity to generate profit from mitigation activities that has differentiated the character of the mitigation and adaptation financing fields. Furthermore, as adaptation requirements are also often closely entwined with a state’s development needs, the ‘public–riented’ nature of financing sources has been reinforced.

Copyright: © Lexxion Verlagsgesellschaft mbH
Quelle: Issue 2/2011 (Juni 2011)
Seiten: 19
Preis inkl. MwSt.: € 41,65
Autor: Kate Miles

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