The latest episode of the Pocket Economics podcast focuses on Climate Finance and asks how much it will cost to combat climate change and who should pay the bill: developed or developing countries.
“Conversation about defining climate finance is not about language, it’s about politics”, Mattia Romani, EBRD Managing Director for Economics, Policy and Governance, tells Jonathan Charles, EBRD Managing Director, Communications.
“Defining climate finance means to define the financial magnitude of the climate change challenge and also who should pay for it – and this is why this issue has been so controversial over the years”, Mr Romani says. Defining climate finance is not “an esoteric debate” but has very real consequences, especially for the developing countries, he argues. He also provides examples of countries with particularly climate-aware economies such as Costa Rica and Kazakhstan. According to Mr Romani, the secret of their success lies in leadership, implementation capacity and strong support from international organisations.
The EBRD’s strategic plan for the period 2016-18 has three priorities: strengthening economic resilience, addressing global challenges and supporting regional integration.
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