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Fonds climatiques : l'heure du grand ménage a sonné

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  • Philippe Le Houérou

Abstract

Over the last 30 years, at least 94 green-climate funds have been created to finance climate-related projects and programs in emerging markets and developing economies (EMDEs). Each individual fund may have been justified at the time of its creation. As a system, however, they do not add up and their contribution to the total flows of green finance remains marginal. In this paper, we count 81 active funds as of the end of 2022. Moreover, it is quite difficult, if not impossible, to evaluate even the most basic aspects of the financial management and impact of these funds as a « system » and a channel of climate finance. Given the urgency of scaling up both mitigation and adaptation policies and projects in EMDEs, and before creating new funds that would add to the current astonishing fragmentation, it is urgent to increase the transparency, efficiency and impact of today's existing publicly financed funds. That would be a useful first step in rationalizing and redefining the current messy aid architecture. JEL classification: F35, G02, H04, O16.

Suggested Citation

  • Philippe Le Houérou, 2023. "Fonds climatiques : l'heure du grand ménage a sonné," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 239-260.
    • Handle: RePEc:cai:refaef:ecofi_151_0239
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    JEL classification:

    • F35 - International Economics - - International Finance - - - Foreign Aid
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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