Abstract
This paper looks at the current state of multilateral development banks (MDBs) for climate change measures and the funding status of those invested in mitigation technology in order to briefly review the current outcome of the technology transfer and financial support. In other words, the aim of this study is to collect and analyze information about the current status of total investment in the field of technology for mitigating GHGs (Greenhouse Gases) from MDBs and identify implications of the status. In this study, a screening technique has been used three times to make a database for project information in the field of mitigation of climate change. So far, based on the finalized DB (Database), mitigation technology projects supported by MDBs have been investigated; based on the result, a connected analysis has been conducted between MDBs, mitigation technology, and countries. According to the derived current status, project support in renewable energy and energy demand areas turned out to be the highest at 75% of the entire mitigation technology. Rather than the renewable energy and energy demand areas where climate technology projects have frequently been performed throughout the world, it was confirmed that long-term climate technology projects for GHG fixation were being performed. According to the results of comparison and analysis of countries with high GHG emissions and their centrality, centrality turned out to be high in the field of GHG fixation in China, the country with the highest GHG emissions. This seems to indicate that countries emitting a substantial amount of GHGs will invest more on projects in the field of GHG fixation as well as on projects on renewable energy. Thus, this study is expected to contribute to understanding the trends of climate technology projects for coping with climate change and using them in establishing future policies on climate technology. In addition, it is expected to be used as a reference for countries with insufficient investment in climate technology despite the high Climate Risk Index (CRI).
Highlights
As a global issue, climate change has led to the United Nations Framework Convention on Climate Change (UNFCCC) through the agreement of international society
Rather than the renewable energy and energy demand areas where climate technology projects have frequently been performed throughout the world, it was confirmed that long-term climate technology projects for GHG fixation were being performed
Based on the importance of these technologies and finances, this study identifies the financial flows supported in the field of climate technology and analyzes the current state of mitigation technology to respond to climate change
Summary
Climate change has led to the United Nations Framework Convention on Climate Change (UNFCCC) through the agreement of international society. The post-2020 framework, which emerged through the Paris Agreement, focuses on the financing, technology development and transfer, and capacity-building for the purpose of mitigating and adapting to GHGs. Among these, two important measures for responding to climate change are the technical mechanisms established for the development and transfer of climate technology between the parties under the UNFCCC and the financial mechanisms established based on the importance of finance. Joint Report on Multilateral Development Banks’ Climate Finance (2019), the multilateral development banks (MDBs) announced the results of total climate finance, adaptation finance, and mitigation finance. The term “MDB climate finance” refers to the amounts committed by MDBs to finance climate change mitigation and adaptation activities in the development projects they undertake in developing economies and emerging economies in transition [1].
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