Climate finance governance: Fit for purpose?

Bracking, Sarah; Leffel, Benjamin

doi:10.1002/wcc.709

Cited by 62 publications

(32 citation statements)

References 112 publications

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“…It represents an attempt at creating financial models that involve people in the ownership of local renewable energy systems. Without entirely challenging the prevalence of market‐logics in urban climate action and energy provision, this case contrasts with and adds nuance to current policy discourses focusing on blending public and private finance, whereby public finance is mobilised to de‐risk projects and pave the way for profitable private investments with very limited involvement from people and communities (Bracking & Leffel, 2021).…”

Section: Tracing Heterogeneous Financial Relations In Solar Energy Pr...mentioning

confidence: 98%

“…In their view, this means that “measuring and evaluating the public good aspect of addressing climate change is ceded to the private sector's ontological space, its mode of seeing and valuing” (2021, p. 8). Long also argues that “the climate crisis introduces an extremely profitable frontier for financialization, investment, and influence” (2021, p. 5), particularly as concepts such as “urban resilience” have become more prominent in policy discussions.…”

Section: Tracing the Geographies Of Urban Climate Financementioning

confidence: 99%

“…With blended finance instruments, both public and private actors invest in climate action, but the state or multilateral agencies focus on providing capital in the early stages of a project, or investments guarantees, to reduce project risks and make it attractive to private investors. In their view, this means that “measuring and evaluating the public good aspect of addressing climate change is ceded to the private sector's ontological space, its mode of seeing and valuing” (2021, p. 8). Long also argues that “the climate crisis introduces an extremely profitable frontier for financialization, investment, and influence” (2021, p. 5), particularly as concepts such as “urban resilience” have become more prominent in policy discussions.…”

Section: Tracing the Geographies Of Urban Climate Financementioning

confidence: 99%

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Rethinking the geographies of finance for urban climate action

Robin

2021

Trans Inst British Geog

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It is widely accepted that reducing carbon emissions and adapting to climate change necessitate the transformation of our economies and infrastructure such as transport, housing, water, waste, sanitation, and energy. This requires significant investments, particularly in cities (Floater et al., 2017). For instance, the Cities Climate Finance Leadership Alliance (2015) estimates that US$4.5-5.4 trillion per annum are needed to decarbonise and enhance the resilience of urban infrastructure. In recent years, geography and urban studies scholars have explored the relationship between finance and urban climate action. Research has shown how climate agendas enable private capital to flow into climate-focused projects (Long & Rice, 2019), for instance through resilience initiatives promoted by international organisations (Bigger & Webber, 2020) and philanthropies (Webber et al., 2020). Studies have focused on the creation of new financial instruments, such as municipal green bonds and carbon credits, to finance climate-resilient and low-carbon infrastructure

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Section: Tracing Heterogeneous Financial Relations In Solar Energy Pr...mentioning

confidence: 98%

Section: Tracing the Geographies Of Urban Climate Financementioning

confidence: 99%

Section: Tracing the Geographies Of Urban Climate Financementioning

confidence: 99%

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Rethinking the geographies of finance for urban climate action

Robin

2021

Trans Inst British Geog

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“…Many have also noted a broader structural shift in climate finance, whereby a proliferation of actors and intensification of interaction across governance levels is leading to a reconfiguration of agency and authority (Biermann & Pattberg, 2008; Bracking & Leffel, 2021). One way this manifests is in climate‐relevant ministries taking the lead in new financial entities intended to capture and direct climate finance at the national level.…”

Section: Climate Finance: Structural Change Alternative Approachesmentioning

confidence: 99%

Rethinking governance in international climate finance: Structural change and alternative approaches

Browne

2022

WIREs Climate Change

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International public finance plays an increasingly prominent role in global efforts to combat climate change and, as it grows, it faces a familiar challenge: governance. Global organizations not only disburse climate funding, but are also expected to ensure the “good governance” of climate programs in recipient countries. Many of these same organizations faced similar challenges in disbursing development finance. In what became known as the “institutionalist turn,” they sought to reform governance and build effective institutions in recipient countries. At first glance, the approach to governance in climate finance appears to be a continuation of these largely ineffective policies. I argue, however, that important structural differences between climate finance and development finance have been overlooked, and that these differences create space for alternatives approaches to governance. I first examine the literature on what led to the ineffectiveness of governance reforms tied to development finance, concluding that global organizations have been consistently unable to recognize and grapple with how power actually works in recipient countries, especially informal power. I then highlight three new principles underlying climate finance: (1) that it is restitution not aid, (2) that recipient countries should control resource allocation, and (3) that funding should support mitigation and adaptation. I demonstrate how each new principle has produced shifts in decision‐making authority away from contributors and toward recipient countries. I discuss how alternative approaches could emerge both from forums where recipient countries exercise newfound authority, and from experimentation on the part of multilateral organizations. This article is categorized under: Climate and Development > Social Justice and the Politics of Development Policy and Governance > Multilevel and Transnational Climate Change Governance

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“…Even with respect to mitigation efforts, existing climate governance system assumes investor rationality as a given; prioritizes "market discipline" and understand climate change as financial stability risk which demands risk disclosure (Christophers , 2017(Christophers , : 1108. In this type of governance, financialization has shifted power away from the public sector to the market -that is, to funds and fund managers managing public, private and blended finance, with a consequent reduction in the quality of accountability and transparency (Bracking and Leffel, 2021;Christophers, 2019).…”

Section: Financing Climate Adaptation: Issues Instruments Institutionsmentioning

confidence: 99%

Escalation of global risks and threats in a pandemic condition: financial and macroeconomic aspects

PANFILOVA¹

2021

Fìnansi Ukr.

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Potentially threatening phenomena on the way to stabilizing and overcoming depressive trends in the global economy in the medium and long term in the context of the COVID-19 pandemic have been identified and systematized, taking into account the identification of areas of global risk. The reformatting of the global socio-economic landscape is substantiated, which is determined by the course of the pandemic, the different rates of decline and recovery of the economic growth in general and in individual industries, the destabilization of public finances, the exacerbation of social protection problems. This is confirmed by the dynamics of international trade in goods and services, the aggravation of the global debt problem. Emphasis is placed on the need to form in each country the anti-crisis potential on a scientifically sound basis in order to counter external and internal threats and stimulate sustainable socio-economic development.

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Climate finance governance: Fit for purpose?

Cited by 62 publications

References 112 publications

Rethinking the geographies of finance for urban climate action

Rethinking the geographies of finance for urban climate action

Rethinking governance in international climate finance: Structural change and alternative approaches

Escalation of global risks and threats in a pandemic condition: financial and macroeconomic aspects

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