The New Framework for Climate Finance Under the United Nations Framework Convention on Climate Change: A Breakthrough or an Empty Promise?

Erkki J. Hollo, Kati Kulovesi & Michael Mehling (eds.), Climate Change and The Law (Forthcoming)

University of Eastern Finland Legal Studies Research Paper No. 7

37 Pages Posted: 10 Oct 2012

See all articles by Yulia Yamineva

Yulia Yamineva

University of Eastern Finland - Department of Law

Kati Kulovesi

University of Eastern Finland - Law Department

Date Written: October 9, 2012

Abstract

In this paper, we first show that the framework for climate finance under the United Nations Framework Convention on Climate Change (UNFCCC) has been controversial, fragmented and insufficient to meet the growing financing needs of developing countries for adaptation and mitigation. We then describe and analyze the reformed framework for climate finance under the UNFCCC. We argue that the establishment of the Green Climate Fund constitutes an important milestone and progress has also been made in other respects. However, long-standing divides and mistrust between developed and developing countries have shaped the negotiations and continue to be reflected in their outcomes (and non-outcomes). This, together with the lack of clarity over long-term sources of finance, casts shadows over the future effectiveness of the new framework.

Suggested Citation

Yamineva, Yulia and Kulovesi, Kati, The New Framework for Climate Finance Under the United Nations Framework Convention on Climate Change: A Breakthrough or an Empty Promise? (October 9, 2012). Erkki J. Hollo, Kati Kulovesi & Michael Mehling (eds.), Climate Change and The Law (Forthcoming); University of Eastern Finland Legal Studies Research Paper No. 7. Available at SSRN: https://ssrn.com/abstract=2159195

Yulia Yamineva (Contact Author)

University of Eastern Finland - Department of Law ( email )

Joensuu
Finland

Kati Kulovesi

University of Eastern Finland - Law Department ( email )

PO Box 111
Joensuu, 80100
Finland

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