Climate finance, the new fiscal frontier
I’ve extracted two paras from a comment article published by Energy Bulletin, authored by me:
The numbers being prepared for discussion in København are staggering by any measure, at least to those who struggle to find money for social programmes, city infrastructure needs and social sector essentials like health and education. For those accustomed to constructing enormous virtual edifices of dizzying interlinks, this is finance redux with a new set of fundamentals that are defined by the science of climate change and by the growing list of acceptable technologies used to provide adaptation and mitigation methods.
The point here, after half a decade of carbon trading and emissions and climate exchanges, is whether in fact the principles of sustainable development, social justice, equity to all – and especially – respect to and protection for the poorest and most vulnerable has been helped by the CDM and its constellation of allied activities. The short answer is ‘no’, and because that is the short answer, the future of any successor system – many will be unveiled at the København summit – is equally bleak in the terms that genuinely concern us. The evidence of failure on a global scale is in fact all around us.