Climate finance: it'll be cheaper in the long run if poorer countries receive it as a matter of urgency

By Kamiar Mohaddes, Associate Professor in Economics & Policy, University of Cambridge
Matt Burke, Senior Lecturer in Finance, Sheffield Hallam University
Matthew Agarwala, Project Leader, The Wealth Economy, Bennett Institute for Public Policy, University of Cambridge
Patrycja Klusak, Lecturer in Banking and Finance at University of East Anglia and Affiliated Researcher at Bennett Institute for Public Policy at the University of Cambridge, University of East Anglia

The almost mystical Green Climate Fund is back in the headlines at the COP26 climate summit in Glasgow. The fund grew out of a promise made by rich nations in 2009 to provide US$100 billion (£74 billion) per year in “climate finance” to help developing countries to decarbonise their economies. So far, the amount actually raised has fallen far short, though we might at least get there soon.

Climate finance is notoriously tricky to define. It’s rarely clear how much is really available, or how much is actually needed. So where does this money come from, and can those richer nations even…

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