Abstract
This article discusses climate-related standards that development finance institutions establish or apply to projects supported by their investments. It focuses particularly on multilateral development banks given their major role in providing finance to developing countries, where the bulk of the world’s fastest growing emissions are taking place. It looks at proposed and recently adopted standards, as well as different perspectives developed and developing countries have regarding these standards. It also discusses how these standards might be impacted by the evolution of the United Nations Framework Convention on Climate Change (UNFCCC) negotiations and concludes that there will be continuing challenges to implement these standards unless developed countries fulfill their pledge of expected finance.
Highlights
This article discusses the climate-related standards that development finance institutions, especially multilateral development banks (MDBs), establish or apply during the process of assessing and managing the climate impacts of their investments
The application of climate-related standards to future investments will have a significant effect on greenhouse gas emissions [3,4]2 in the years to come
Detail that climate-related standards are achieving within the broader context of MDBs’ environmental and social standards is clearly illustrated in the draft Environmental and Social Framework (ESF)
Summary
This article discusses the climate-related standards that development finance institutions, especially multilateral development banks (MDBs), establish or apply during the process of assessing and managing the climate impacts of their investments. The standards discussed in this article can determine or at least influence whether this infrastructure helps or harms the climate, including by their impact on associated long-standing mitigation and adaptation related measures and their costs These standards are an important tool for the efforts of the international regime to stabilize and reduce greenhouse gas emissions. While there are incentives to apply MDB climate related standards and to harmonize them with domestic environmental legislation, some developing countries have enunciated competing views. It makes sense to discuss climate standards’ content and scope, as well as their place in the changing international climate change regime
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