Climate Finance: Hopes and Fears for developing Countries

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Climate Finance: Hopes and Fears for developing Countries
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  Journal of Law, Policy and Globalization www.iiste.org ISSN 2224-24! "Pa#er$ ISSN 2224-2%& "'nline$ (ol.22, 2!)4 )   Climate Finance: Fears and Hopes for Developing Countries Peter S. Gic*ira "+orres#onding aut*or$ +entre for danced Studies in niron/ental Law and Policy, 0niersity of Nairobi, P.' 1o !)&3, !!)!! Nairobi, enya. /ail : sologis*5g/ail.co/   Jones 6. gwata   +entre for danced Studies in niron/ental Law and Policy, 0niersity of Nairobi, P.' 1o !)&3, !!)!! Nairobi, enya. /ail7 agwatas5g/ail.co/ ariu8i 9. :uigua +entre for danced Studies in niron/ental Law and Policy, 0niersity of Nairobi, P.' 1o !)&3, !!)!! Nairobi, enya. /ail7 /uigua5nbnet.co.8e ;*is #a#er is #art of on-going researc* for a P*9 t*esis in niron/ental Policy at t*e +entre for danced Studies in niron/ental Law and Policy "+SLP$ at t*e 0niersity of Nairobi by t*e corres#onding aut*or. +o- aut*ors are *is su#erisors. <;wo anony/ous reiewers= co//ents greatly i/#roed t*e content of t*is  #a#er>. Abstract  ;*is article loo8s at t*e current cli/ate finance arc*itecture and its i/#act on deelo#ing countries cli/ate c*ange res#onses. ;*e #ri/ary ai/ is to ca#ture t*e contradictions t*at eist in t*e cli/ate finance arc*itecture  #articularly between t*ose reco//ended by t*e 0nited Nations 6ra/ewor8 +onention on +li/ate +*ange "0N6+++$ and t*ose adanced by deelo#ed countries ot*erwise 8nown as non-0N6+++ cli/ate financing /ec*anis/s. ;*e oerall obseration is t*at once non-0N6+++ cli/ate financing /ec*anis/s e/erged and t*e /ore t*ey were ?ustified using t*e 0N6+++, t*e global res#onse to t*e cli/ate c*ange #roble/ was fatally wounded t*roug* a #rocedural derail/ent of 0N6+++ ob?ecties. ;*is article calls for a reiew of non-0N6+++ wit* t*e ai/ of diesting t*e/ of t*e #rofit factor w*ic* in t*is case is t*e #roble/atic. Keywords: +li/ate, 6inance, :ec*anis/s, Goernance, Priatization, Stale/ate. 1.0   ntroduction 'bserations of increases in global aerage air and ocean te/#eratures, wides#read /elting of snow and ice and rising global aerage sea leel #roide eidence of increased global war/ing w*ic* *as led to c*ange in global cli/ate ) . frica *as been singled out as one of t*e /ost ulnerable continents to cli/ate c*ange and cli/ate ariability wit* #ro?ections of increased water stress, aderse food insecurity and /alnutrition, and *u/an dis#lace/ent 2 . ccording to t*e Intergoern/ental Panel on +li/ate +*ange "IP++$ t*ere is need to reduce and li/it global te/#eratures increase to two degrees. ;*e IP++ reco//ends cli/ate c*ange /itigation as a /eans t*roug* w*ic* t*is reduction and li/itation can be ac*ieed w*ile also reco//ending cli/ate c*ange ada#tation as t*e /eans t*roug* w*ic* we can res#ond to already eisting effects of cli/ate c*ange  . :itigation and ada#tation /easures re@uire substantial financial inest/ents t*us /a8ing cli/ate finance central to t*e ac*iee/ent of t*e IP++As two degrees global te/#eratures increase reco//endation. +ontinuous deadloc8 *as c*aracterized global negotiations on t*e cli/ate c*ange #*eno/enon wit* t*e /ain sub?ect of discussion in t*e cli/ate c*ange discussions being cli/ate financing. Boweer, 2! years into cli/ate c*ange negotiations, little *as been ac*ieed in t*ese negotiations. Indeed, it is be concluded t*at t*e only ac*iee/ent so far *as been t*at of establis*ing #rofit oriented cli/ate finance /ec*anis/s outside t*e 0nited  Nations 6ra/ewor8 +onention on +li/ate +*ange "0N6+++$. ;*is *as transfor/ed cli/ate c*ange negotiations to beco/e #latfor/s for #ro/oting, defending or ca/ouflaging t*ese #rofit interests creating cli/ate negotiations stale/ates and an i/#air/ent of Green*ouse Gases "GBGs$ e/issions reductions. ;*e @uestion t*erefore is w*at /a8es t*ese interests so #owerful t*at t*ey *ae strangled #rogress in cli/ate c*ange negotiations and w*at effects suc* interests *ae on t*e global concern for cli/ate c*angeC Scientists *ae noted t*at global te/#eratures s*ould be below 2 degree +elsius t*res*old aboe #re-industrial leels to aoid t*e dangerous i/#act of cli/ate c*ange. lso, global e/issions will need to #ea8 by 2!2! and )  +li/ate +*ange "2!!3$7 t*e 6ourt* ssess/ent synt*esis De#ort of t*e IP++E *tt#7FFwww.i#cc.c*F#dfFassess/ent-re#ortFar4FsyrFar4syr.#df "ccessed on ) Noe/ber 2!)$. 2  ibid   ibid  Journal of Law, Policy and Globalization www.iiste.org ISSN 2224-24! "Pa#er$ ISSN 2224-2%& "'nline$ (ol.22, 2!)4 2  fall %! #ercent fro/ )&&! leels by 2!%! ) . Identified as a global c*allenge t*at re@uires a global res#onse, cli/ate c*ange *as re/ained a do/inant sub?ect in global deelo#/ent discussions since t*e Dio +onference of )&&2. ;*ese discussions *ae led to arious instru/ents suc* as t*e 0N6+++ in )&&4, yoto Protocol in 2!!% and t*e +o#en*agen ccord in 2!!&. None of t*ese instru/ents docu/ents *as, *oweer, successfully addressed t*e sub?ect of cli/ate finance wit* any desired finality as e#ected of deelo#ed countries wit*in t*e 0N6+++. ;*is #a#er atte/#ts to e#lore factors underlying cli/ate financing at t*e global stage. It ai/s at #utting seeral interentions, transitions and transfor/ations t*at ta8e #lace during and after t*e +onference of Parties "+'P$ into a *istorical #ers#ectie. ;*e #a#er focuses on *ow non-0N6+++ cli/ate financing /ec*anis/s *ae interacted wit* deelo#ing countries and t*e resultant aderse effects t*ey *ae *ad on t*ese countriesA cli/ate c*ange res#onses. 1.1   Why Climate Finance? +li/ate finance is ai/ed at not only *aing #arties to t*e 0N6+++ scale u# t*eir efforts towards a clean energy deelo#/ent #at* "/itigation$ but also to enable t*e/, w*ere a##licable, to ada#t to t*e unaoidable i/#acts of cli/ate c*ange "ada#tation$. ;*e ter/, cli/ate finance, was used for t*e ery first ti/e t*roug* t*e 0N6+++ in )&&4. Boweer, t*e design of t*e 0N6+++As finance co/#onent was infor/ed by #reious :ultilateral niron/ental gree/ents ":s$ es#ecially t*e )&H3 :ontreal Protocol on Substances t*at 9e#lete t*e 'zone Layer. ;*e i/#le/entation of t*is Protocol re/ains a /odel on *ow t*e financial and tec*nological c*allenges t*at could lead to non-co/#liance of :s by #oor countries could be addressed. arlier, t*e role of finance in t*e i/#le/entation of :s *ad already been ac8nowledged in rticle 3 of t*e )&32 Stoc8*ol/ 9eclaration. ;*e discussions around cli/ate finance gat*ered increased /o/entu/ following deelo#ing countriesA de/and for increased funding #rior and during +'P )% /eeting in +o#en*agen, Sweden. ;*is /o/entu/ continued into +'P ) in +ancun, :eico and later into +'P )3 in 9urban, Sout* frica during w*ic* a decision to establis* t*e for/ation of t*e Global +li/ate 6und was /ade. It is t*erefore i/#ortant for one to ea/ine not only t*e genesis but also t*e fra/ewor8, considerations and i/#lications t*at cli/ate financing could *ae on efforts to contain global cli/ate c*ange. 1.2   Climate Finance Framework ccording to t*e 0N6+++, deelo#ed countries are to #roide deelo#ing countries new and additional financial resources to /eet t*e agreed full costs to deelo#, i/#le/ent and co//unicate arious national  #olicies 2 . ;*is #osition *as neer been contradicted in any of t*e +'Ps /eetings. 9eelo#ed countries are also re@uired to coer deelo#ing countriesA full incre/ental costs of i/#le/enting /itigation /easures  . 9eelo#ed countries are furt*er re@uired to assist t*e deelo#ing countries in /eeting costs of ada#tation 4 . Indeed, t*e etent to w*ic* deelo#ing country Parties will effectiely i/#le/ent t*eir co//it/ents under t*e +onention de#ends on t*e effectie i/#le/entation of deelo#ed countriesA co//it/ents on financial resources and transfer of tec*nology % . Initially t*e financial o#erating entity of t*e 0N6+++ was t*e Global niron/ent 6acility "G6$. Boweer, in 2!)), t*e )3 t*  +'P ado#ted t*e Green +li/ate 6und "G+6$ as 0N6+++As new financial o#erating entity. ;*ese o#erating entities receie guidance fro/ t*e +'Ps on #olicy, #rogra//e #riorities, and eligibility criteria as well as on s#ecific issues  . *ereas t*e yoto Protocol affir/s 0N6+++As re@uire/ents to *ae deelo#ed countries  #roide cli/ate /itigation and ada#tation su##ort to deelo#ing countries 3 , t*e Protocol also introduces w*at it ter/s as fleibility /ec*anis/s t*at  Annex1  #arties can use to /eet t*eir e/ission li/itation co//it/ents and to also aid t*e/ in #roiding su##ort re@uired by deelo#ing countries. Boweer, in 2!!3, deelo#ed countries begun aailing cli/ate finance t*roug* ot*er sources t*at are not sub?ect to t*e 0N6+++. ;*ese sources *ad cli/ate finance deliered in t*e for/ of loans, non-concessional funds, carbon credits and foreign direct inest/ents #arallel to G6 and bilateral grants H .  2!!& study establis*ed an inentory and e#lanation of 1ilateral 6inancial Institutions "16Is$ finance for cli/ate c*ange /itigation and ada#tation to infor/ discussions on financial flows under a future cli/ate c*ange financing arc*itecture & . ;*e study illustrated t*e scale of 'fficial 9eelo#/ent ssistance "'9$ and non-'9 financing, t*e collectie global s*are of 1ilateral 6inancial Institutions "16Is$ financing for cli/ate c*ange /itigation and ada#tationE )  1*ow/i8, 9E "2!)$ Volume 3 , Issue 4, #ril 2!). 2  0N6+++, ")&&4$ rticle 4.   Ibid  , rticle 4. 4  Ibid  , rticle 4.4 %    Ibid  , rticle 4.3  G6 "2!)!$, ;able  3  yoto Protocol "2!!%$ rticle )).2 H  Nafo, S. "2!)2$ #g 2 &  tteridge, . et al   "2!!&$.  Journal of Law, Policy and Globalization www.iiste.org ISSN 2224-24! "Pa#er$ ISSN 2224-2%& "'nline$ (ol.22, 2!)4   and t*e ty#es of funds and facilities t*at are used for c*annelling finance to reci#ients.  2!)! re#ort ea/ined *ow goern/ents can design a cli/ate financial /ec*anis/ in a way t*at is widely  #erceied as legiti/ate using   t*ree di/ensions of legiti/acy, w*ic* are #ower, res#onsibility, and accountability ) . ;*e re#ort findings indicated t*at #erce#tions of t*e legiti/acy of a financial /ec*anis/ were in*erently sub?ectie and t*at t*is sub?ectiity infor/ed #references e#ressed by contributor and reci#ient countries. It establis*ed t*at t*e failure to address t*e distribution of #ower, res#onsibility, and accountability /ay *ae led to a #roliferation of financial /ec*anis/s t*at are underfunded. It furt*er establis*ed t*at  #erce#tions of a financial /ec*anis/As legiti/acy will also de#end u#on an institutionAs #erfor/ance w*ic* is its de/onstrated ca#acity to co//it funding to inest/ents t*at reduce green*ouse gas e/issions and build resilience to cli/ate c*ange. It reco//ended for significantly redistribute #ower, res#onsibility, and accountability between traditional contributor and reci#ient countries for a successful global #artners*i# on cli/ate finance. 'ne /ay, argue t*at for t*is #ower, res#onsibility and accountability relations conflict to be addressedE t*e underlying factors, in #articular, t*e ?ustification for non-0N6+++ cli/ate financing /ec*anis/s, /ust be broug*t to t*e fore. !.0   "#y $#ould non%&'FCCC Climate Financing be a Concern in $ub%$a#ara Africa( +oncerns t*at arise fro/ non-0N6+++ cli/ate c*ange financing /ec*anis/s relate to t*eir i/#lication to deelo#ing countriesA fulfil/ent of t*e 0N6+++ co//it/ents. ;*is *as #otential to *urt t*e entire global concerns about cli/ate c*ange. ;*ese concerns include t*e following7- 2.1    Introduction of Contestation in the Definition of Climate Finance ;*e definition of cli/ate finance re/ains contentious 2 . Boweer, in )&&2, t*ere was consensus a/ong 0N6+++ 0N6+++ /e/ber Parties t*at cli/ate finance refers to t*e res#onsibility t*at deelo#ed countries *ae for *istorical e/issions t*at occurred in t*eir #rocess of beco/ing ric*, a #rocess w*ic* is res#onsible for todayAs and futureAs cli/ate c*ange  . ccordingly t*erefore, t*e #erce#tion of t*e 0N6+++ is t*at cli/ate finance for ada#tation is indeed co/#ensation for da/age caused by deelo#ed countries in t*eir industrialization #rocess and wit*in t*e #olluter #ays #rinci#le. Boweer, t*roug* t*e e/ergence of deelo#ed countriesA non-0N6+++ /ec*anis/s, a resultant deelo#ed countriesA #erce#tion iews ada#tation financing as a business o##ortunity 4 . *ereas t*e for/er #erce#tion is accused of loading cli/ate financing res#onsibility on deelo#ed countries, t*e later #erce#tion is a cause for alar/ considering t*at frica is not only t*e continent li8ely to be /ost adersely i/#acted by aderse effects of cli/ate c*ange % , s*e is t*e least #roducer of GBGs  . 2.2    Inadequacy of Climate Finance Darely do any cli/ate c*ange co//it/ents, es#ecially t*ose by non-0N6+++ /ec*anis/s, translate into re/ittances 3 . ccording to cli/ate funds u#date, w*ereas a total of K).) billion *ad been a##roed for Sub-Sa*ara frica, only K3& /illion *ad been disbursed by end of 2!)) H . In 2!)), cli/ate finance was disbursed to to t*irty one ada#tation #ro?ects globally, but only fie of t*e/ were in Sub-Sa*ara frica & . Nearly % of cli/ate finance in Sub-Sa*ara frica "SS$ is directed to /itigation actiities wit* t*e largest #ro?ects a##roed in SS being t*e K2% /illion Olkaria I Unit 4 and 5  Geot*er/al Power Pro?ect in enya, t*roug* Ja#anAs 6ast Start 6inance #rogra/. It is not e#lained w*y no disburse/ent *ad eer been effected by t*e fund  by 2!)) )! . :oreoer, t*e reliability and #otential of t*e 2 +lean 9eelo#/ent :ec*anis/ "+9:$ #ro?ects ley to raise funds for t*e da#tation 6und as it *ad been antici#ated, *as been @uestioned )) . ;*us, een if t*e e/ergence of t*e non-0N6+++ /ec*anis/ was to sole G6As failure of not /a8ing cli/ate finance ade@uate, accessible and #redictable, non-0N6+++ /ec*anis/s *ae not ade@uately soled t*ese #roble/s. Indeed, t*ey /ay *ae as well co/#licated and rendered 0N6+++ ob?ecties co/#letely unattainable. 2.3    Debt ccumulation Generally, #riate sectorAs finance is deliered t*roug* instru/ents li8e co//ercial debt, direct foreign inest/ent and e@uity instru/ents in carbon /ar8ets. ssentially, t*is causes #riate sectorAs cli/ate finance to  be in t*e for/ of loans or non-concessional funding. ;*is does also a##ly to funding fro/ suc* sources as )  Na8*ooda. S et al   "2!))$. 2  Nafo "2!)2$ o# cit   0N6+++, op cit   rticle 4 4  Na8*ooda et al  , 2!)), o# cit i. %  Bul/e, :i8e et al   "2!!)$7 in Climate Research, o! 1"  , #. )4%-)H.   ;*e 0S nergy Infor/ation d/inistration, 2!!H website.   3  Sc*alate8, L and 1ird, N, 2!)). H  ;*e +li/ate 6unds 0#date "+60$ data. &  Na8*ooda et al  , 2!)), o# cit, #g  )!   Sc*alate8. L and Na8*ooda, S et al   2!)), op cit!  #g 2 ))   #enderCC et$ork, %&&"!    Journal of Law, Policy and Globalization www.iiste.org ISSN 2224-24! "Pa#er$ ISSN 2224-2%& "'nline$ (ol.22, 2!)4 4  :ultilateral 6inancial Institutions ":6Is$ and 1ilateral 6inancial Institutions "16Is$. *en financing for cli/ate c*ange is turned into t*ese for/s of financing, it does not only effectiely translate a global #roble/ w*ic* is cli/ate c*ange into a debt burden for icti/s but leaes t*e cul#rit un#unis*ed and deterred fro/ creating a si/ilar #roble/ in t*e future, contrary to t*e #olluter #ays #rinci#le. 2.!    "ri#ati$ation of "ublic Finance ;*ere eist two as#ects to #riate sectorAs finance. 'ne, t*e #riate sector can #lay t*e role of an inde#endent  #roiderFlender of cli/ate finance to deelo#ing countries, :6Is and 16Is. Secondly, t*e #riate sector can also receie cli/ate finance fro/ :6Is and 16Is res#ectiely ) . 'biously, w*en t*e #riate sector #roides cli/ate finance to deelo#ing countries, it does it for #rofits. Boweer, concern arises w*en :6Is and 16Is, w*ic* are essentially #ublic institutions, #roide funding to t*e #riate sector to inest, /ost occasionally, in cli/ate c*ange /itigation. *ereas t*e receiing #riate sector entity /a8e #rofits fro/ t*e #ublicly funded inest/ent, t*at #rofit beco/es #riatised and neer finds its way bac8 into #ublic entities. ;*is effectiely /a8es cli/ate c*ange t*e new front for t*e /uc* criticised #ublic-#riate #artners*i#s 2  t*at are a #et #ro?ect of t*e orld 1an8 1an8 and t*e International :onetary 6und "I:6$. If t*e water sector is anyt*ing to go by, t*en t*e #riatization of cli/ate finance beco/es een /ore sus#ect. 'ne /ay argue t*at /any deelo#ing country goern/ents were enticed into by water sector #riatization due to t*e orld 1an8As initial clai/s t*at #riate co/#anies would actually inest in t*e re*abilitation and e#ansion of /uc*-needed water and sanitation infrastructure. Indeed considering t*at #riatization entails a transfer of #ublic control and rig*ts to a cor#oration, #riatization could in turn result in corru#tion due to lac8 of c*ec8s for trans#arency and accountability, transfer of accountability to co/#any s*are*olders and not t*e general #ublic and an increased #ublic debt. ll t*ese could s#ell doo/ to t*e realization of IP++As 2 degrees global war/ing t*res*old targets. ;o a ery large etent, t*is seres as a indication to deelo#ing countries argu/ent for t*e confine/ent of cli/ate finance to be #ublic finance alone. 2.%   Country Ca&acity to ccess Climate Finance ;*e e#erience of :oza/bi@ue wit* Pilot Progra/ for +li/ate Desilience "PP+D$ brings deelo#ing countries cli/ate finance ca#acity to focus. :oza/bi@ueAs initial #rocess of t*e PP+D was eternally-led. 9onor agencies did eeryt*ing fro/ t*e identification of t*e o##ortunity, t*e setting of t*e ti/etable and leading of t*e actiities  . actiities  . 1ot* t*e initial sco#ing /ission t*at was done in July 2!!& and t*e full ?oint /ission t*at *a##ened fro/ Noe/ber to 9ece/ber 2!!& t*at set in /otion t*e #re#aration of :oza/bi@ueAs #ro#osal were #lanned, designed and led by t*e orld 1an8 and t*e frican 9eelo#/ent 1an8 "f91$, w*o were t*e lead :ultilateral 9eelo#/ent 1an8s ":91s$ for t*e countryAs PP+D  4 . +onsidering t*at deelo#ing countries *ae *ad to a##ly for G6 funds t*roug* arious inter/ediary agencies suc* as t*e 0nited Nations 9eelo#/ent Progra/ "0N9P$, 0nited Nations niron/ent Progra/ "0NP$ and t*e orld 1an8, rat*er t*an #resenting #ro#osals directly to G6 "G6 +ouncil, 2!!)$, t*e idea t*at t*ese countries *ae t*e ca#acity to effectiely engage wit* t*e /ore co/#licated non-0N6+++ cli/ate financing /ec*anis/s, suc* as PP+D, is @uite untenable. ;*is reality is once again reisited w*en one ea/ines t*e orld 1an8As 6orest +arbon Partners*i# 6acility "6+P6$. 6+P6 *as been t*e /ain financier of /ost Deducing /issions fro/ 9eforestation and 6orest 9egradation "D99M$ #ro?ects and #rogra//es in )4 frican countries % . n eternal reiew of 9e/ocratic De#ublic of +ongoAs "9D+$ Deadiness Plan Idea Note "D-PIN$   , an instru/ent of 6+P6, raises serious concerns concerns regarding t*e D-PINs consultation #rocess and its owners*i#. It e#licitly #oints out t*at t*e    #ro#osal *as a strong sense of *aing been t*e wor8 of outsiders, rat*er t*an #ro#erly owned by its sta8e*olders. It furt*er  #oints out t*at t*e #ro#osal does not contain a discussion of t*e /ain issues related to forest law enforce/ent and goernance in addition to not *aing data on indigenous #eo#les liing in +ongoAs forests nor t*eir role in D99 #rocesses. 9es#ite t*e /any serious s*ortco/ings identified by t*e eternal reiew, t*e D-PIN for 9D +ongo was a##roed. ;*is dis#lay of orld 1an8As aut*ority #oints at deelo#ing countriesA inca#acity to effectiely engage wit* t*e do/inant cli/ate financing actors or agencies. Indeed, a deficit in do/estic leaders*i# in cli/ate c*ange financing efforts in si frican countries *as been establis*ed 3 . 'ne /ay t*us conclude t*at not only *as t*ere  been lac8 of ca#acity to access t*ese finances in deelo#ing countries, but also t*at t*e deelo#ed countries and :6Is *ae found it a##ro#riate to stifle t*e deelo#/ent of t*ese ca#acities. ;*is /a8es deelo#ing countries cli/ate c*ange res#onses susce#tible to eternal influence, deter/ination and control. ;*is is not sustainable in ) tteridge, , et al   "2!!&$ op cit  , #g )!-)% 2  :asu/, S. J.B, "undated$.   +*a/bote. D, and S*an8land. , "2!))$, #g )) 4    Ibid p' 1"    %  6orest +arbon Partners*i# 6acility "6+P+$ "a$   6orest +arbon Partners*i# 6acility "6+P6$ "b$ 3  ;*ornton, N, 2!)), #g 24-2%.  Journal of Law, Policy and Globalization www.iiste.org ISSN 2224-24! "Pa#er$ ISSN 2224-2%& "'nline$ (ol.22, 2!)4 %  t*e long run and often leads to frustration in accessing finances to deal wit* cli/ate c*ange related i/#acts. ).0   Factors influencing t#e current climate finance regime *ereas seeral e#lanations /ay be adduced to e#lain t*e #us* towards non-0N6+++ cli/ate finance, t*e following two are t*e /ost #ertinent to t*is e#lanation7- 3.1    "olitical Considerations 9o/estic #olitical and #olicy factors increasingly do/inate global cli/ate negotiations ) . ;*ese factors e#lain t*e diergence of concerns by bot* deelo#ed and deelo#ing countries. 'ne /ay argue t*at t*ese concerns *ae continuously influenced #erce#tions of bot* deelo#ed and deelo#ing countriesA in understanding of cli/ate finance. 6or instance, on one *and, t*e concern for t*e financial i/#lication of GBGs reduction and /ar8et co/#etitieness /ay be influencing deelo#ed countries cli/ate c*ange t*in8ing. 'n t*e ot*er *and, en*anced co//it/ents for e/ission li/itations by deelo#ed countries and ability to co#e wit* t*e e/erging aderse effects of cli/ate c*ange /ay be factors influencing deelo#ing countries #ositions on cli/ate c*ange 2 . ;*e i/#lication of t*ese do/estic considerations would i/#ly t*at global #re-agree/ent bargaining and #ost-agree/ent i/#le/entation are subserient to do/estic #olitical and econo/ic considerations. ;*e effects of t*is would be t*at for deelo#ed countries, cli/ate finance is sub?ect to do/estic #olitical cost no /atter t*e long ter/ future econo/ic benefits of t*e global agree/ents. 6or deelo#ing countries, *oweer, cli/ate finance is not necessarily sub?ect to cli/ate science, deelo#/ent needs and o##ortunities, but international #olitical econo/y  . 3.2    'conomic Considerations *ereas ability and res#onsibility on one *and and #oerty and effects on t*e ot*er /ay *ae been t*e ideals t*at guided t*e for/ulation of 0N6+++As cli/ate finance clauses, t*ey long ceased to be. cono/ic interests *ae ta8en t*e centre stage and *ae seen deelo#ed countries #us*ing to *ae t*e orld 1an8 and its networ8 of regional ban8s, /anage cli/ate finance. 'n t*e ot*er *and, deelo#ing countries #erceie t*e inole/ent of t*e orld 1an8 as under/ining t*e #rocess of negotiations under t*e 0N6+++ 4 . +onsidering t*at t*e orld 1an8 and its regional *ubs only offer cli/ate finance in t*e for/ of loans and non-concessional funding, it would t*erefore be concluded t*at t*e 1an8 and its financiers #erceie cli/ate finance as a lucratie econo/ic interest. 0sing StewardAs %  country do/estic #olitical and #olicy analysis, one /ay argue t*at for deelo#ed countries, t*e t*e orld 1an8 and t*e regional ban8sE cli/ate financing is a oluntarily s*ared concern by all regardless of *istory and /ust be es#ecially drien by /ar8et or econo/ic interests and at best su##le/ented by 'erseas 9eelo#/ent ssistance "'9$. In itself, t*is #erce#tion negates t*e t*in8ing of t*e 0N6+++ but is still used to ?ustify non-0N6+++ finance /ec*anis/s as co/#le/entary /ec*anis/s. 6or deelo#ing countries, cli/ate finance can neit*er be an econo/ic interest nor can it be aid. Dat*er, it is co/#ensatory, obligatory and rig*ts- based #ublic funding fro/ deelo#ing countries w*ic* results fro/ *istorical #ollution facts and wit*in t*e  #olluter #ays and co//on but differentiated res#onsibilities and eniron/ental #rinci#les  . 6or deelo#ing countries, cli/ate finance is #ri/arily about cli/ate c*ange ada#tation and #riate sources of cli/ate finance, w*ic* would t*en be about /itigation, are t*us ?ust /eant to su##le/ent #ublic finance but wit*in strict regulations 3 . s currently configured, /ultilateral and bilateral financial institutions /ay be *aing undue influence oer cli/ate c*ange #olicy for/ulation and financial /obilization globally. ;*is configuration is furt*er ce/ented by t*e inole/ent of t*e #riate sector. s eident in national cli/ate c*ange #lans, H t*is configuration #uts cli/ate c*ange /itigation far aboe ada#tation against deelo#ing countriesA #riorities and deelo#/ent needs. 1esides, t*e lac8lustre engage/ent of goern/ent wit* t*e ciil society and t*e total failure to engage t*e general #o#ulace on cli/ate financing denies deelo#ing countries goern/ents t*e /uc* needed i/#etus to  #us* t*eir concerns beyond t*e deelo#ed countries interests at t*e global negotiations /eetings. It would be interesting to see if t*e uneiling of t*e G+6 on 9ece/ber 4 t*  2!) will c*ange or affir/ation t*e current cli/ate finance configuration. *.0   Conclusion ;*is article *as *ig*lig*ted so/e of t*e c*allenges confronting t*e 0N6+++ and t*e G+6. It *as discussed )  Stewart, D.1, ingsbury 1., and Dudy8 1. "eds$. 2!!&, #g  2  Ibid, #g -3.   Ibid, #g -3. 4  ;*ird orld Networ8 ";N$, 2!!H "website$ %  Stewart "2!!&$ op cit,  #g    +iil Society 9e/ands on +li/ate 6inance, 1usan +iil Society 6oru/ "1+S6$, "2!))$. 3  Ibid H  N:, 2!!%E N:, 2!! and N++P, 2!).
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