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Exploring the financial and investment implications of the Paris Agreement

机译:探索《巴黎协定》对金融和投资的影响

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A global energy transition is underway. Limiting warming to 2 degrees C (or less), as envisaged in the Paris Agreement, will require a major diversion of scheduled investments in the fossil-fuel industry and other high-carbon capital infrastructure towards renewables, energy efficiency, and other low or negative carbon technologies. The article explores the scale of climate finance and investment needs embodied in the Paris Agreement. It reveals that there is little clarity in the numbers from the plethora of sources (official and otherwise) on climate finance and investment. The article compares the US$100 billion target in the Paris Agreement with a range of other financial metrics, such as investment, incremental investment, energy expenditure, energy subsidies, and welfare losses. While the relatively narrowly defined climate finance included in the US$100 billion figure is a fraction of the broader finance and investment needs of climate-change mitigation and adaptation, it is significant when compared to some estimates of the net incremental costs of decarbonization that take into account capital and operating cost savings. However, even if the annual US$100 billion materializes, achieving the much larger implied shifts in investment will require the enactment of long-term internationally coordinated policies, far more stringent than have yet been introduced.Policy relevanceMaintaining momentum towards fulfilling Article 2 of the UNFCCC - avoiding dangerous climate-change - means keeping a sense of perspective on how key financial and investment indicators of progress relate to the underlying macroeconomic reality of the task that lies ahead. There is a wide gap between the level of rhetorical commitment to mitigating and adapting to climate change evident at the Paris COP 21 Climate Summit, and countries' actual on the ground commitments to emission reduction and investment in climate resilience, and the policies to bring them about. In particular, major shifts in financial flows towards low-carbon energy (renewables and energy efficiency) will be required if this gap is to be reduced.
机译:全球能源转型正在进行中。根据《巴黎协定》的设想,将升温限制在2摄氏度(或更低),将需要把对化石燃料行业和其他高碳资本基础设施的计划投资向可再生能源,能源效率以及其他低或负的重大转移碳技术。本文探讨了《巴黎协定》所体现的气候融资和投资需求的规模。它表明,来自气候融资和投资的过多来源(官方和其他来源)的数字并不清楚。本文将《巴黎协定》中1000亿美元的目标与一系列其他财务指标进行了比较,例如投资,增量投资,能源支出,能源补贴和福利损失。虽然在1000亿美元的数字中相对狭义的气候融资只是缓解和适应气候变化的更广泛的融资和投资需求的一小部分,但与将脱碳净增量成本的一些估算值相比节省帐户资本和运营成本。然而,即使每年实现1000亿美元,要实现更大的隐含投资转移,也需要制定长期的,国际协调的政策,远未实施。政策相关性保持实现《联合国气候变化框架公约》第二条的势头-避免危险的气候变化-意味着对关键的财务和投资进度指标与未来任务的潜在宏观经济现实之间的关系有一种了解。巴黎COP 21气候峰会上明显的减轻和适应气候变化的口头承诺水平与各国在减少排放和投资气候适应力方面的实际承诺以及实施这些承诺的政策之间存在很大差距关于。特别是,如果要缩小这一差距,就需要将资金流向低碳能源(可再生能源和能源效率)的重大转变。

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