Why and How to Build a World Climate Bank?

Silvio Andrae

Chapter 7 in Handbook of Environmental and Green Finance:Toward a Sustainable Future, 2024, pp 193-253 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Climate finance mechanisms to ensure a green transition are a policy objective of the first order. Establishing a World Climate Bank (WCB) can make a significant contribution. The mandate of the WCB would be to primarily assist developing and emerging countries in transforming their economies due to climate change. Existing institutions such as the World Bank cannot provide sufficient climate change financing. Creating a new international organization (IO) can provide this confidence. The chapter justifies the need for such an institution at the macro, meso, and micro levels without overlooking the risks of institutional proliferation. The chapter concludes with policy recommendations related to establishing the new IO.

Keywords: Green and Impact Bonds; Green Banking and Financing; Green Finance in Europe; ESG Performance; Climate Change; Climate Justice; Green Mortgages; Sustainable Transition; Renewable Energies; Green Transition in The EU (search for similar items in EconPapers)
JEL-codes: Q01 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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