Waldén, Pirjetta; Havukainen, Minna; Kahiluoto, Helena (2021-01-29)
Post-print / Final draft
School of Energy Systems
© Springer Nature Switzerland AG 2021
The United Nations Framework Convention on Climate Change (UNFCCC) has defined climate finance as “finance that aims at reducing emissions, and enhancing sinks of greenhouse gases and aims at reducing vulnerability of, and maintaining and increasing the resilience of, human and ecological systems to negative climate change impacts.”
This definition encapsulates climate finance in its broadest form, as it represents the funding of all activities and projects that take climate change mitigation and adaptation into account. A broad definition is necessary as climate finance consists of many different elements such as the type of financing that is provided, the source of financing, flows of financing, what is financed, and whether climate change mitigation is the major or minor element of the activity. Climate finance is, however, most often utilized in the context of climate change negotiation processes, wherein the aim is to provide additional financial resources from developed to developing countries for climate change mitigation and adaptation activities that are unlikely to occur without additional financing.
Waldén P., Havukainen M., Kahiluoto H. (2021) Climate Finance. In: Idowu S., Schmidpeter R., Capaldi N., Zu L., Del Baldo M., Abreu R. (eds) Encyclopedia of Sustainable Management. Springer, Cham. https://doi.org/10.1007/978-3-030-02006-4_1034-1
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