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      How can we pay for it all? Understanding the global challenge of financing climate change and sustainable development solutions

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          Abstract

          Despite the heightened attention to climate change and sustainable development initiatives by governments, civil society groups, and private companies in the USA and worldwide, the international community is confronted with a question that has existed since the 1992 Earth Summit: how can we pay for it all? To better understand this climate change and sustainable development goals (SDGs) funding dilemma, there needs to be greater clarity around four climate change investment and finance-related questions that are frequently absent or inadequately addressed in the academic and policy literature. Firstly, what are or should be the boundaries of climate change investment and finance when the problem of climate change becomes impossible to separate from biodiversity, land use management, and other dilemmas related to the broader SDGs? Secondly, how we should define and what constitutes “adequate” financial resources to address the climate change and SDGs dilemmas on the global level? Thirdly, why is it important to close the gap between climate change adaptation and mitigation funding levels? Finally, what role should the private sector and business actors play in terms of climate change investment and finance issues? In addition to achieving greater clarity around these four issue areas, I argue in this article that three questions are likely to shape the future success (or failure) of the global climate change investment and finance architecture. One, what is likely path of the United Nations as a global climate change/sustainability governance institution? Two, will the emerging Green New Deal model in the USA and in other countries actually materialize? Three, what is the future outlook for “market-fixing” sustainability-driven enterprises?

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                Author and article information

                Contributors
                jacob.parkVT@gmail.com
                Journal
                J Environ Stud Sci
                J Environ Stud Sci
                Journal of Environmental Studies and Sciences
                Springer US (New York )
                2190-6483
                2190-6491
                21 August 2021
                : 1-9
                Affiliations
                [1 ]GRID grid.412988.e, ISNI 0000 0001 0109 131X, University of Johannesburg, ; Johannesburg, South Africa
                [2 ]GRID grid.454534.7, ISNI 0000 0000 8651 3106, Castleton University, ; Castleton, VT USA
                Article
                715
                10.1007/s13412-021-00715-z
                8379034
                63d85683-aedc-4076-8a8b-fb70ca85ec4c
                © AESS 2021

                This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic.

                History
                : 13 July 2021
                Categories
                Original Article

                climate change,climate finance,impact investment,sustainable development goals

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