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Decarbonizing the global energy system requires large-scale investment flows, with a central role for international climate finance to mobilize private funds. The willingness to provide international finance in accordance with common but differentiated responsibilities was acknowledged by the broad endorsement of the Paris Agreement, and the Green Climate Funds in particular. The international community aims to mobilize at least USD 100 billion per year for mitigation and adaption in developing countries. In this article, we argue that too little attention has been paid on the spending side of climate finance, both in the political as well as the academic debate. To this end, we review the challenges encountered in project-based approaches of allocating climate finance in the past. In contrast to project-based finance, we find many advantages to spending climate finance in support of price-based national policies. First, the support for international climate cooperation is improved when efforts of successively rising domestic carbon pricing levels are compensated. Second, carbon pricing sets incentives for least-cost mitigation. Third, investing domestic revenues from emission pricing schemes could advance a country's individual development goals and ensure the recipient's ‘ownership’ of climate policies. We conclude that by reconciling the global goal of cost-efficient mitigation with national policy priorities, climate finance for carbon pricing could become a central pillar of sustainable development and promote international cooperation to achieve the climate targets laid down in the Paris Agreement.
Economic Growth, Human Development, and Welfare" of the 2018 Report of the International Panel on Social Progress (IPSP). Mission of the IPSP: The International Panel on Social Progress (IPSP) will harness the competence of hundreds of experts about social issues and will deliver a report addressed to all social actors, movements, organizations, politicians and decision-makers, in order to provide them with the best expertise on questions that bear on social change. The Panel will seek consensus whenever possible but will not hide controversies and will honestly present up-to-date arguments and analyses, and debates about them, in an accessible way. The Panel will have no partisan political agenda, but will aim at restoring hope in social progress and stimulating intellectual and public debates. Different political and philosophical views may conceive of social progress in different ways, emphasizing values such as freedom, dignity, or equality. The Panel will retain full independence from political parties, governments, and organizations with a partisan agenda. While the Panel will primarily work for the dissemination of knowledge to all relevant actors in society, it will also foster research on the topics it will study and help to revive interest for research in social long-term prospective analysis