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Exploring the financial and investment implications of the Paris Agreement

Ekins, P; Peake, S; (2017) Exploring the financial and investment implications of the Paris Agreement. Climate Policy , 17 (7) pp. 832-852. 10.1080/14693062.2016.1258633. Green open access

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Abstract

A global energy transition is underway. Limiting warming to 2°C (or less), as envisaged in the Paris Agreement, will require a major diversion of scheduled investments in the fossil-fuel industry and other high-carbon capital infrastructure towards renewables, energy efficiency, and other low or negative carbon technologies. The article explores the scale of climate finance and investment needs embodied in the Paris Agreement. It reveals that there is little clarity in the numbers from the plethora of sources (official and otherwise) on climate finance and investment. The article compares the US$100 billion target in the Paris Agreement with a range of other financial metrics, such as investment, incremental investment, energy expenditure, energy subsidies, and welfare losses. While the relatively narrowly defined climate finance included in the US$100 billion figure is a fraction of the broader finance and investment needs of climate-change mitigation and adaptation, it is significant when compared to some estimates of the net incremental costs of decarbonization that take into account capital and operating cost savings. However, even if the annual US$100 billion materializes, achieving the much larger implied shifts in investment will require the enactment of long-term internationally coordinated policies, far more stringent than have yet been introduced.

Type: Article
Title: Exploring the financial and investment implications of the Paris Agreement
Open access status: An open access version is available from UCL Discovery
DOI: 10.1080/14693062.2016.1258633
Publisher version: http://doi.org/10.1080/14693062.2016.1258633
Language: English
Additional information: © 2016 Informa UK Limited, trading as Taylor & Francis Group. This is an Accepted Manuscript of an article published by Taylor & Francis in Climate Policy on 15 Dec 2016, available online: http://www.tandfonline.com/10.1080/14693062.2016.1258633
Keywords: Climate finance, Paris Agreement, green growth, climate investment
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Bartlett School Env, Energy and Resources
URI: https://discovery.ucl.ac.uk/id/eprint/1533891
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