Carbon markets or climate finance? This is the question posed by Carbon Markets or Climate Finance, edited by Axel Michaelowa. First of all, let’s define climate finance as the financial resources used to mitigate and adapt to climate change.
Carbon Markets or Climate Finance reviews the decade-long experience of the United Nations Framework Convention on Climate Change and the Kyoto Protocol. The authors dissect key components and trends of our global financial efforts to mitigate climate change. Vital themes are expounded upon reflecting lessons learned by institutions, communities, and the global community of nations.
Written by financial experts in the field of climate finance, Carbon Markets or Climate Finance discussions center on how Copenhagen’s fast-track finance mechanisms could be implemented at the speed and scale required to mitigate climate change. Focusing on building upon the foundations of the Clean Development Mechanisms (CDM), the authors explain unintended outcomes, many positive, from CDM that could applied to new market mechanisms in the following decades.
Carbon Markets or Climate Finance’s key chapters discuss climate change and sustainable economic resilience. This is especially important as we begin to assess, monitor, and adjust economic assumptions based on mixing national security within ecological frameworks such as climate change, food scarcity, and fresh water resource depletion. Pertinent to this is mobilizing financial mechanisms across a broad range of choices for the Global South. This includes harnessing climate bonds as a source of financing for Nationally Appropriate Mitigation Actions (NAMAs) at the provincial and national levels and analyzing the correct policy mixes given each country’s unique economic (financial) and ecological structures.
Carbon Markets or Climate Finance shows us that, in summary, it is neither carbon markets nor climate finance that is the answer – rather it is both carbon markets and climate finance that are the answer to mitigating and adapting to climate change, depending on the context. Whether one is casually interested in climate finance and carbon markets, or one is a practitioner, stakeholder, and policymaker, Carbon Markets or Climate Finance is a wonderful resource that describes the historical development and possible future trends of our financial mechanisms to mitigate and adapt to climate change.
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Author: Axel Michaelowa, Editor
Gabriel Thoumi, CFA, LEED AP, is a natural resource scientist and financial consultant.