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Delivering on US Climate Finance Commitments

Author

Listed:
  • Trevor Houser

    (Peterson Institute for International Economics)

  • Jason Selfe

    (Rhodium Group)

Abstract

At the United Nations climate change conference in Copenhagen in 2009 and Cancun in 2010, the United States joined other developed countries in pledging to mobilize $100 billion in public and private sector funding to help developing countries reduce greenhouse gas emissions and adapt to a warmer world. With a challenging US fiscal outlook and the failure of cap-and-trade legislation in the US Congress, America's ability to meet this pledge is increasingly in doubt. This paper identifies, quantifies, and assesses the politics of a range of potential US sources of climate finance. It finds that raising new public funds for climate finance will be extremely challenging in the current fiscal environment and that many of the politically attractive alternatives are not realistically available absent a domestic cap-and-trade program or other regime for pricing carbon. Washington's best hope is to use limited public funds to leverage private sector investment through bilateral credit agencies and multilateral development banks.

Suggested Citation

  • Trevor Houser & Jason Selfe, 2011. "Delivering on US Climate Finance Commitments," Working Paper Series WP11-19, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp11-19
    as

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    File URL: https://www.piie.com/publications/working-papers/delivering-us-climate-finance-commitments
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    References listed on IDEAS

    as
    1. Aaditya Mattoo & Arvind Subramanian & Dominique van der Mensbrugghe & Jianwu He, 2009. "Reconciling Climate Change and Trade Policy," Working Papers 189, Center for Global Development.
    2. Trevor Houser, 2010. "Copenhagen, the Accord, and the Way Forward," Policy Briefs PB10-5, Peterson Institute for International Economics.
    3. Congressional Budget Office, 2011. "Budget and Economic Outlook: Fiscal Years 2011 to 2021," Reports 21999, Congressional Budget Office.
    4. Gary Clyde Hufbauer & Meera Fickling & Woan Foong Wong, 2011. "Revitalizing the Export-Import Bank," Policy Briefs PB11-6, Peterson Institute for International Economics.
    5. Ross Morrow, W. & Gallagher, Kelly Sims & Collantes, Gustavo & Lee, Henry, 2010. "Analysis of policies to reduce oil consumption and greenhouse-gas emissions from the US transportation sector," Energy Policy, Elsevier, vol. 38(3), pages 1305-1320, March.
    6. William R. Cline, 2011. "Carbon Abatement Costs and Climate Change Finance," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6079.
    7. Gary Clyde Hufbauer & Woan Foong Wong, 2011. "Corporate Tax Reform for a New Century," Policy Briefs PB11-2, Peterson Institute for International Economics.
    8. Congressional Budget Office, 2011. "Budget and Economic Outlook: Fiscal Years 2011 to 2021," Reports 21999, Congressional Budget Office.
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    10. European Commission, 2010. "Innovative Financing at a Global Level," Taxation Papers 23, Directorate General Taxation and Customs Union, European Commission.
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    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Jonathan Pickering & Frank Jotzo & Peter J. Wood, 2015. "Splitting the Difference: Can Limited Coordination Achieve a Fair Distribution of the Global Climate Financing Effort?," CCEP Working Papers 1504, Centre for Climate & Energy Policy, Crawford School of Public Policy, The Australian National University.
    2. Cooper, Richard N., 2012. "Financing for climate change," Energy Economics, Elsevier, vol. 34(S1), pages 29-33.
    3. Cooper, Richard N., 2012. "Financing for climate change," Scholarly Articles 13578515, Harvard University Department of Economics.

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    More about this item

    Keywords

    climate change; carbon; climate finance; UNFCCC; Copenhagen Accord; Cancun Agreements; development assistance; adaptation; green fund; multilateral development banks; fossil fuel subsidies; emission offsets; bilateral credit agencies;
    All these keywords.

    JEL classification:

    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
    • Q27 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Issues in International Trade
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • F18 - International Economics - - Trade - - - Trade and Environment
    • F35 - International Economics - - International Finance - - - Foreign Aid
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • F52 - International Economics - - International Relations, National Security, and International Political Economy - - - National Security; Economic Nationalism
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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