Mainstreaming Climate Change in the Financial Sector and its Governance – Part I: A Necessary and Timely Evolution

Last month, the Executive Secretary of the UNFCCC, Simon Stiell, stressed how important this and next year are for the achievement of the Paris Agreement and called for “a quantum leap in climate finance” ahead of the Spring Meetings of the World Bank Group and International Monetary Fund. Indeed, with emissions required to peak before 2025, our window of opportunity is rapidly closing to keep 1.5°C within reach. More and better finance is urgently needed. Carbon pricing policies and their revenues are part of the tools available that can help fill the climate finance gap.

Carbon pricing policies and their revenues are part of the tools available that can help fill the climate finance gap. With raising revenues from carbon taxes and emission trading systems (ETSs) that have tripled since the Paris Agreement, and an upward trend that could continue in the medium-term, ‘how to use carbon revenues’ has become a crucial question. This report, prepared as an activity of the EU-funded European Union Climate Dialogues (EUCDs) project, aims to inform policymakers and practitioners on lessons learned and ways forward on the use of carbon revenues, with a comprehensive approach based on a review of international experiences.

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