Part II Institutional, Ch.7 The Global Regime for Climate Finance: Political and Legal Challenges
Edited By: Cinnamon P. Carlarne, Kevin R. Gray, Richard Tarasofsky
- Natural resources — Climate change — Environmental disputes — Pollution — United Nations (UN)
This chapter explores the interplay between politics and international law in the field of climate finance, with an emphasis on its North-South dimensions, which is the promotion of resource flows by developed nations towards developing nations. Participation by developing countries in the climate regime is critical as they are the largest emitters of greenhouse gas. Unfortunately, it is the less-developed nations that are harmed the most by climate change. It is here where North-South finance emerges as an important issue. The chapter addresses two critical issues in the governance and future of the climate finance regime. First, the wide variety of institutions and mechanisms involved expands the scope for attracting and supplying resources but they remain fragmented and require greater coordination to be effective. Second, the mobilization of North-South finance is insufficient relative to mitigation and adaptation needs. Such a challenge requires greater political will and a stronger legal regime.