- Elgar original reference
Edited by Adam Graycar and Russell G. Smith
Chapter 7: Identifying Corruption Risks in Public Climate Finance Governance
Lisa Ann Elges Climate change is probably one of the most serious challenges our and future generations face. Global greenhouse gas emissions have been rising and a strong body of scientific evidence shows that there are likely to be severe consequences for the global climate if they are not reduced. Governments and multilateral organizations have pledged substantial sums of ‘public climate finance’ to mitigate impacts on the global climate and to adapt to the consequences of climate change. In order to safeguard these investments, it is important to ensure exemplary governance in their administration. Weak governance of public climate finance will compromise transparency and accountability in their disbursement. This opens the door to corrupted decision making, which risks a misallocation of funds and threatens the legitimacy of global efforts to work toward the global public good of a stable climate. Addressing climate change means taking decisive action to adapt to present and forecasted climatic impacts (adaptation) and to mitigate those impacts by reducing greenhouse gas (GHG) emissions (mitigation). According to the International Panel on Climate Change (IPCC: 4th Assessment Report: Climate Change, 2007) global emissions need to at least peak if not decline by 2015 in order to ‘limit global mean temperature increases to 2–2.4°C above the pre-industrial level, and to be around 50 per cent of current levels by 2050’. In 2009, at the Global Climate Summit in Copenhagen, an Accord was struck to keep temperature increases at or below 2°C. The recent climate meeting in...
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