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Tuning Climate Finance: Outcomes of COP28

Author

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  • Liudmila S. Kabir

    (Financial Research Institute, Moscow, Russian Federation)

Abstract

The purpose of the study is to systematize the main directions of the discussion that unfolded at the COP28 UN Climate Change Conference in Dubai in November-December 2023 on the need to reform the financial mechanism of the UN climate convention. The relevance of this study is based on the fact that today the conditions have been formed to intensify Russia’s participation in the discussion at the international level on the goals and objectives of climate and sustainable finance, as there is growing dissatisfaction with the aggressive policy of developed countries trying to solve their development problems, including by distorting and replacing the global agenda previously agreed by the majority of the world's countries on the UN platform. The main conclusion of the study is as follows. When considering the problems of organization of both the climate finance mechanism and the sustainable finance mechanism in the context of the organization and functioning of theTechnology Mechanism (UNFCCC) and the Technology Facilitation Mechanism (UN 2030 Agenda), embedded in the current discussion on the need to reform the financial mechanism of the UN climate convention, many issues related to the incorrectness, inconsistency and divergence of these concepts at the level of different countries can be effectively addressed by the UNFCCC. Returning the consideration of both climate and sustainable finance to the context of technological modernization tasks solved by society (as originally defined in the UN documents) will make it possible to return the process of transition of countries to a new sustainable development model to the original direction; to get rid of manipulations and substitution of concepts used by a group of developed countries; to reach consensus among all Parties to the Convention.

Suggested Citation

  • Liudmila S. Kabir, 2024. "Tuning Climate Finance: Outcomes of COP28," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 8-26, April.
  • Handle: RePEc:fru:finjrn:240201:p:8-26
    DOI: 10.31107/2075-1990-2024-2-8-26
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    References listed on IDEAS

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    1. Zhanna A. Mingaleva & Maria V. Sigova, 2022. "Financial Aspects of the Implementation of the Fourth Energy Transition," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 43-58, October.
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      More about this item

      Keywords

      climate finance; sustainable finance; climate change; climate change adaptation; sources of finance; finance flows; financing instruments; sustainable development;
      All these keywords.

      JEL classification:

      • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
      • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
      • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
      • F68 - International Economics - - Economic Impacts of Globalization - - - Policy
      • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
      • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
      • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
      • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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