Global Climate Finance

The Global Climate Finance Project is a joint venture of NYU Law's Institute for International Law and Justice and the Frank J. Guarini Center for Environmental and Land Use Law. The project focuses on the design of climate finance mechanisms and the institutions and governance mechanisms required to ensure that the decentralized climate finance system functions effectively. The regime must not only mobilize needed resources and ensure efficient and effective use of these resources for climate protection and low carbon development, but also build mutual trust and confidence through broadly acceptable and effective governance arrangements. The project draws on the expertise of NYU Law faculty in climate change, environmental law, development finance, international trade and investment, international transaction taxation and tax policy generally, global institutions, and global regulatory governance. It is closely linked to both the IILJ's Global Administrative Law project and the IILJ Financing Development program.












NYU Law School held a conference in Abu Dhabi May 3-5, 2009 on Climate Change: Financing Green Development. The conference, held with the support of the Abu Dhabi government, addressed the legal and regulatory elements of carbon markets, climate finance, and climate-related investment in developing countries. The issues for discussion included market-based climate regulatory programs, the design, governance and linkage of carbon markets, climate-related conditions on various forms of development finance,  international trade and investment law governing domestic climate regulation including of emissions trading and climate assets, and tax and distributional issues.

Conference participants included leading representatives of the climate finance industry, carbon market regulators, developing countries, multinational businesses, sovereign wealth funds, international organizations, and NGOs as well as academic experts.  NYU faculty, other academics, regulators, and expert practitioners presented papers on key legal, regulatory, and policy issues associated with climate finance and development in order to frame discussion and debate among all participants.


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Book cover


Full Book (PDF, 3.1 Mb)

Cover (Front & Back) (PDF, 280 Kb)

Front matter (PDF, 119 Kb)

Section I: Climate Change and Mitigation (PDF, 641 Kb)

Section II: Proposals for Climate Finance (PDF, 929 Kb)

Section III: Bringing Developed and Developing Countries Together in Climate Finance Bargains (PDF, 360 Kb)

Section IV: National Policies (PDF, 243 Kb)

Section V Climate Finance and World Trade Organization (WTO) Law and Policy (PDF, 520 Kb)

Section VI: Taxation of Carbon Markets (PDF, 247 Kb)

Abbreviations and Index (PDF, 52 Kb)

Preventing risks of severe damage from climate change not only requires deep cuts in developed country greenhouse gas emissions, but enormous amounts of public and private investment to limit emissions while promoting green growth in developing countries. While attention has focused on emissions limitations commitments and architectures, the crucial issue of what must be done to mobilize and govern the necessary financial resources has received too little consideration. In Climate Finance, a leading group of policy experts and scholars show how effective mitigation of climate change will depend on a complex mix of public funds, private investment though carbon markets, and structured incentives that leave room for developing country innovations. This requires sophisticated national and global regulation of cap-and-trade and offset markets, forest and energy policy, international development funding, international trade law, and coordinated tax policy.

Thirty-six targeted policy essays present a succinct overview of the emerging field of climate finance, defining the issues, setting the stakes, and making new and comprehensive proposals for financial, regulatory, and governance mechanisms that will enrich political and policy debate for many years to come. The complex challenges of climate ­finance will continue to demand fresh insights and creative approaches. The ideas in this volume mark out starting points for essential institutional and policy innovations.


Cluchey DP, "Seeking a Unified Field of Climate Finance" 15 Ocean and Coastal Law Journal 407 (2010)


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               Climate Finance in Latin America - Americas Quarterly 2011/01/27

                Gonzalo Moyano blogs from COP16 for the National Journal

      Limiting Climate Change: Who is going to pay?  - Opinio Juris  2009/12/14

                Climate: Does the World Need a China-US Deal?  - Opinio Juris  2009/12/16

                Overcoming distrust – the need for a global climate finance registry  - Opinio Juris  2009/12/17

                A global registry for climate commitments  - The National (Abu Dhabi)  2010/01/17