Abstract
Research background: Globalization is a powerful engine of structural changes in national, regional and global economies. Except for positive economic effects, globalization also has negative effects. One of them is the deterioration of the global environmental situation and the ongoing global climate change. Purpose of the article: The paper focuses on the current global financing trends to mitigate the effects of climate change. Generally financial funds come from international, national and regional actors. Governments have a range of funding mechanisms and resources at their disposal. Within the EU, these are the Structural Funds, investment funds and the financing from European Investment Bank. At the national level, it is financial assistance from state budgets and local government budgets. Methods: The paper provides literature review of the possibilities of financing climate change at the national and international level and, using analysis and synthesis, points to future trends and sources of financing climate change. We also analyse the proposal of Common agricultural policy 2021-2027 and effects on Slovak agriculture. European Commission wants member states to use up to 40% of the budget for environmental goods and climate change. Slovakia might have problems to spend the allocation due to the fact, that most of the money will be voluntary schemes. Farmers will have the option to participate. Findings & Value added: Agriculture is seriously exposed to the adverse effects of climate change as agricultural activities are directly depending on climate conditions. The article analyses in detail the possibilities and sources of financing adaptation measures in the Slovak agricultural sector.
Highlights
Research background: Globalization is a powerful engine of structural changes in national, regional and global economies
These changes are associated with the introduction of new technologies whose impact on the reproductive process and economy is so significant that economists have begun to associate knowledge and innovation as specific factors of production to traditional factors of production - labor, land and capital
At its heart are 17 sustainable development goals, which are an urgent call for action by all countries, both developed and developing, in the framework of the Global Partnership
Summary
Research background: Globalization is a powerful engine of structural changes in national, regional and global economies. Purpose of the article: The paper focuses on the current global financing trends to mitigate the effects of climate change. Globalization is clearly proving to be a powerful engine of structural change in national, regional and global economies. In addition to its positive effects, globalization has negative effects [2] In this context, we can point to the economic crisis, which includes the financial crisis and the unemployment crisis. The second adverse effect of globalization is the deterioration of the environmental position. Rich countries have the highest share of environmental pollution Another negative effect of globalization is the widening of the gap between rich and poor countries. On the other hand, nationalizing the delivery of environmental protection is likely to fail because nation states rarely have the depth and quality of information required to instruct all the relevant agents to make appropriate decisions [3]
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