22 J.L. Pol'y & Globalization 1 (2014)

handle is hein.journals/jawpglob22 and id is 1 raw text is: 

Journal of Law, Policy and Globalization                                                    wwwiste.org
ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)                                                        I
Vol.22, 2014                                                                                      II5E

     Climate Finance: Fears and Hopes for Developing Countries

                                 Peter S. Gichira (Corresponding author)
            Centre for Advanced Studies in Environmental Law and Policy, University of Nairobi,
                                 P.O Box 30197, 00100 Nairobi, Kenya.
                                      Email: sologish 4gmail.com
                                            Jones F. Agwata
            Centre for Advanced Studies in Environmental Law and Policy, University of Nairobi,
                                 P.O Box 30197, 00100 Nairobi, Kenya.
                                      Email: agwatas 4)gmail.com
                                           Kariuki D. Muigua
            Centre for Advanced Studies in Environmental Law and Policy, University of Nairobi,
                                 P.O Box 30197, 00100 Nairobi, Kenya.
                                      Email: muigua 4nbnet.co.ke

This paper is part of on-going research for a PhD thesis in Environmental Policy at the Centre for Advanced
Studies in Environmental Law and Policy (CASELAP) at the University of Nairobi by the corresponding author.
Co- authors are his supervisors. Two anonymous reviewers' comments greatly improved the content of this

This article looks at the current climate finance architecture and its impact on developing countries climate
change responses. The primary aim is to capture the contradictions that exist in the climate finance architecture
particularly between those recommended by the United Nations Framework Convention on Climate Change
(UNFCCC) and those advanced by developed countries otherwise known as non-UNFCCC climate financing
mechanisms. The overall observation is that once non-UNFCCC climate financing mechanisms emerged and the
more they were justified using the UNFCCC, the global response to the climate change problem was fatally
wounded through a procedural derailment of UNFCCC objectives. This article calls for a review of non-
UNFCCC with the aim of divesting them of the profit factor which in this case is the problematic.
Keywords: Climate, Finance, Mechanisms, Governance, Privatization, Stalemate.

1.0 Introduction
Observations of increases in global average air and ocean temperatures, widespread melting of snow and ice and
rising global average sea level provide evidence of increased global warming which has led to change in global
climate1. Africa has been singled out as one of the most vulnerable continents to climate change and climate
variability with projections of increased water stress, adverse food insecurity and malnutrition, and human
displacement2. According to the Intergovernmental Panel on Climate Change (IPCC) there is need to reduce and
limit global temperatures increase to two degrees. The IPCC recommends climate change mitigation as a means
through which this reduction and limitation can be achieved while also recommending climate change adaptation
as the means through which we can respond to already existing effects of climate change3. Mitigation and
adaptation measures require substantial financial investments thus making climate finance central to the
achievement of the IPCC's two degrees global temperatures increase recommendation.
Continuous deadlock has characterized global negotiations on the climate change phenomenon with the main
subject of discussion in the climate change discussions being climate financing. However, 20 years into climate
change negotiations, little has been achieved in these negotiations. Indeed, it is be concluded that the only
achievement so far has been that of establishing profit oriented climate finance mechanisms outside the United
Nations Framework Convention on Climate Change (UNFCCC). This has transformed climate change
negotiations to become platforms for promoting, defending or camouflaging these profit interests creating
climate negotiations stalemates and an impairment of Greenhouse Gases (GHGs) emissions reductions. The
question therefore is what makes these interests so powerful that they have strangled progress in climate change
negotiations and what effects such interests have on the global concern for climate change?
Scientists have noted that global temperatures should be below 2 degree Celsius threshold above pre-industrial
levels to avoid the dangerous impact of climate change. Also, global emissions will need to peak by 2020 and

Climate       Change     (2007):   the   Fourth   Assessment    synthesis   Report   of   the    IPCC;
http://www.ipcc.ch/pdf/assessment-report/ar4/syr/ar4_syr.pdf (Accessed on 13 November 2013).
2 ibid
3 ibid

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