Local weather Motion Wants Funding Governance, Not Funding Safety and Arbitration
|March 17, 2022
Funding is essential to reaching local weather mitigation and adaptation objectives. We’d like considerably extra funding in zero-carbon sectors, akin to renewable energy era (photo voltaic, wind, hydropower, and geothermal), batteries and different vitality storage applied sciences, inexperienced hydrogen, electrical transportation, and vitality effectivity, whereas phasing out funding in fossil fuels and different high-emission financial actions. The 2022 Intergovernmental Panel on Local weather Change (IPCC) report on Impacts, Adaptation and Vulnerability additionally stresses that investments in mitigation should be coupled with funding in adaptation and climate-resilient infrastructure to assist billions in areas of rising local weather threat.
Worldwide funding legislation ought to speed up climate-friendly, sustainable funding and the phase-out of climate-unfriendly funding. Current funding treaties and investor-state dispute settlements fail to do both. They weren’t designed to advance these objectives, however to guard financial pursuits of international buyers and their investments, no matter their local weather friendliness.
For worldwide funding legislation to help local weather objectives, we’d like a completely new regime for funding governance, not funding safety and arbitration.
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