Supporting greenhouse gas mitigation in developing cities: a synthesis of financial instruments |
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Authors: | Jun Li |
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Institution: | (1) CIRED, 45 bis, avenue de la Belle Gabrielle, 94736 Nogent-sur-Marne Cedex, France |
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Abstract: | One of the major concerns with the post-2012 global climate regime is to reach consensus on how to finance actions needed
in fast-growing developing economies for significant greenhouses gases emissions mitigation. International financial and technology
transfer are bound to bridge the gap under well-designed institutional framework to facilitate the transition to low(er) carbon
development trajectories in developing countries. So far, cities, which contribute nearly 80% of global emissions, have not
yet been recognised as a legitimate entity to implement different greenhouse gas mitigation policies and measures with relevant
technical and financial abilities. Here we discuss the scope and scale of different climate-relevant financial mechanisms
and describe their comparative advantages and weakness in financing climate resilient urban infrastructures (buildings and
transport in particular). We show the limitations of current instruments available in scaling up necessary financial flows
into developing cities to achieve the long term climate stabilisation targets. Lastly, the paper examines the feasibility
of factoring the sector-wise and Nationally Appropriate Mitigation Actions (NAMA) mechanisms into local authorities’ long-term
mitigation strategy by raising necessary funds to facilitate shifting the business as usual trajectories in developing cities
in the next decades. |
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