整理人：安双庆

Financing transition in an adverse context: climate finance beyond carbon finance逆境中的转型融资：超越碳融资的气候融资

Abstract:The Cancun conference decided to establish a Climate Green Fund (CGF) to help developing countries align their development policies with the long-term UNFCCC objectives. This paper clarifies the links between the two underlying motives: the first, technical in nature, is the necessity to redirect the infrastructure instruments in these countries (energy, transportation, building, material transformation industry) to avoid lock-in in carbon-intensive pathways in the likely absence of a significant world carbon price in the coming decade; the second, political in nature, is the interpretation of the CGF as a practical translation of the notion of the common but differentiated responsibility principle, since the funds are expected to come from Annex 1 countries. This paper shows why this latter perspective might generate some distrust given the orders of magnitude of funds to be levied in Annex 1 countries especially in the context of the financial crisis and major constraints on public budgets. It then explores the basic principles around which it is possible to minimize these risks by upgrading climate finance in the broader context of the evolution of the financial and monetary systems. After exploring how such links could help make climate policies that contribute to reducing some of the imbalances caused by economic globalization by reorienting world savings and reducing investment uncertainty, it sketches how this perspective might be palatable for the OECD, the major emerging economies and fossil fuel exporters.

【摘译】坎昆会议决定设立气候绿色基金（CGF），帮助发展中国家使其发展政策与《联合国气候变化框架公约》的长期目标相一致。本文阐明了两个基本动机之间的联系：第一个动机是技术性的，即有必要重新引导这些国家的基础设施工具（能源、交通、建筑、材料转化工业），以避免在未来十年可能缺乏一个重要的世界碳价格的情况下被锁定在碳密集型道路上；第二个动机是政治性的，即把气候绿色基金解释为共同但有区别的责任原则概念的实际转化，因为资金预计将来自附件 1 国家。本文说明了为什么后一种观点可能会引起一些不信任，因为附件 1 国家要征收的资金数量级很大，特别是在金融危机和公共预算受到严重限制的情况下。然后，本文探讨了在金融和货币体系演变的大背景下，通过提升气候融资来最大限度地降低这些风险的基本原则。在探讨了这种联系如何有助于制定气候政策，通过调整世界储蓄和减少投资的不确定性来减少经济全球化造成的一些不平衡之后，本报告概述了经合组织、主要新兴经济体和化石燃料出口国如何能够接受这种观点。

【文章来源】Aglietta, M., Hourcade, J. C., Jaeger, C., & Fabert, B. P. (2015). Financing transition in an adverse context: Climate finance beyond carbon finance. International environmental agreements: politics, law and economics, 15, 403-420.

【下载链接】

https://link.springer.com/article/10.1007/s10784-015-9298-1

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