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Carbon taxation and market financial instruments for mobilizing climate finance

Author

Listed:
  • Oleksandr Sushchenko

    (Kyiv National Economic University named after V. Hetman, 03680, Kyiv, Ukraine)

  • Reimund Schwarze

    (Europa University Viadrina and Helmholtz Centre for Environmental Research (UFZ))

Abstract

The aim of this paper is to conduct an evaluation of the financial instruments and their role in mobilizing climate finance, provide a set of recommendations aimed at easing the process of climate finance mobilization for both developed and developing countries (especially, for Ukraine). It is also important to show the shift from voluntary corporate social responsibility (CSR) to the new principles of investing (ESG) and business models in the climate change area and how it affects mobilization of climate finance. Another important goal of this paper is to show the importance of transaction costs, and ways how the accounting, reporting and evaluation of the results of emission reduction projects could reduce existing costs and improve access to the financial market, i.e. to the relatively “cheap” financial resources. We also highlights ways for establishing the necessary infrastructure on the financial market needed to minimize the transaction costs while getting financial resources for the purpose of greenhouse gases reduction (GHG reduction).

Suggested Citation

  • Oleksandr Sushchenko & Reimund Schwarze, 2016. "Carbon taxation and market financial instruments for mobilizing climate finance," Discussion Paper Series RECAP15 23, RECAP15, European University Viadrina, Frankfurt (Oder).
  • Handle: RePEc:euv:dpaper:23
    as

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    File URL: https://www.europa-uni.de/de/forschung/institut/recap15/downloads/recap15_DP023.pdf
    File Function: First version, 2016
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    References listed on IDEAS

    as
    1. Dahlman, Carl J, 1979. "The Problem of Externality," Journal of Law and Economics, University of Chicago Press, vol. 22(1), pages 141-162, April.
    2. Steven Tadelis & Oliver E.Williamson, 2012. "Transaction Cost Economics," Introductory Chapters, in: Robert Gibbons & John Roberts (ed.),: The Handbook of Organizational Economics, Princeton University Press.
    3. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    4. Lawrence H. Goulder & Andrew R. Schein, 2013. "Carbon Taxes Versus Cap And Trade: A Critical Review," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 4(03), pages 1-28.
    5. Alexandre Kossoy & Grzegorz Peszko & Klaus Oppermann & Nicolai Prytz & Noemie Klein & Kornelis Blok & Long Lam & Lindee Wong & Bram Borkent, "undated". "State and Trends of Carbon Pricing 2015," World Bank Publications - Reports 22630, The World Bank Group.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    climate finance; carbon taxation; market financial instruments; climate- aligned bonds; non-financial reporting;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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