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Climate Change and the Absence of an International Investment Organization

Author

Listed:
  • Hilmar Þór HILMARSSON

    (University of Akureyri)

Abstract

The global needs for investment in clean energy are vast and can only be met if resources are pooled from different sources; public, private, and donor funds. This is especially true for capital intensive projects such as geothermal and hydropower. While government funds are important, many developing and emerging countries do not have the tax base to fund large, capital intensive, long term projects. International Financial Institutions such as the World Bank and the regional development banks could help capital mobilization for clean energy projects and facilitate cooperation with the private sector. One important obstacle in scaling up clean energy projects today is that no comprehensive multilateral agreement on foreign investments exists. Additionally, no multilateral institution is engaged in cross border investments in the same way as for cross border trade. No World Trade Organization exists for investment. This can be an obstacle for global efforts to promote cross border climate friendly investment and an impediment for private sector flows.

Suggested Citation

  • Hilmar Þór HILMARSSON, 2018. "Climate Change and the Absence of an International Investment Organization," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 19(3), pages 274-288, July.
    • Handle: RePEc:rom:rmcimn:v:19:y:2018:i:3:p:274-288
    DOI: 10.24818/RMCI.2018.3.274
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    References listed on IDEAS

    as
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    3. World Bank, 2003. "Global Economic Prospects 2004 : Realizing the Development Promise of the Doha Agenda," World Bank Publications - Books, The World Bank Group, number 14782, April.
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    Keywords

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    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • P18 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Energy; Environment
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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