EconPapers    
Economics at your fingertips  
 

Financing Sustainable Development: Country Undertakings and Rights for Environmental Sustainability (CURES)

R. Quentin Grafton (), Frank Jotzo () and Merrilyn Wasson ()
Additional contact information
Merrilyn Wasson: Australian National University, Research School of Pacific and Asian Studies

Economics and Environment Network Working Papers from Australian National University, Economics and Environment Network

Abstract: We propose a global mechanism to finance sustainable development (SD) that offers a number of advantages over the current Global Environmental Facility (GEF). The mechanism would be multinational, provide incentives for rich and poor countries to promote SD, incorporate the principle of common, but differentiated, responsibilities and link incentives and funding for SD to structural benchmarks and performance targets. It would operate as a large fund into which rich countries would pay based on their level of population, per capita income and change in a measure of environmental sustainability. Receipts from the funds, called Country Undertakings and Rights for Environmental Sustainability (CURES), would be made to poor countries based on their population, per capita income and absolute level of environmental sustainability. This approach differentiates payments and receipts on the basis of income, while rewarding improvements in environmental performance in rich countries, and making greater payments to countries with greater environmental problems. To promote flexibility, recipient countries would be able to trade, bank or borrow their assigned CURES, provided that the trade resulted in a verifiable improvement in environmental sustainability in the purchasing country. A reformed GEF that adopted the desirable features of CURES, if widely adopted and funded at a sufficiently high level, would offer a significant boost to global SD and would greatly assist poor countries to address the twin challenges of poverty and environmental degradation.

Keywords: sustainable development; intergovernmental financial transfers; adjusted net savings; GEF (search for similar items in EconPapers)
JEL-codes: Q01 G15 Q38 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2004-04
New Economics Papers: this item is included in nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed

Downloads: (external link)
http://een.anu.edu.au/download_files/een0403.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 500 Can't connect to een.anu.edu.au:80 (No such host is known. )

Related works:
Journal Article: Financing sustainable development: Country Undertakings and Rights for Environmental Sustainability CURES (2004) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:anu:eenwps:0403

Access Statistics for this paper

More papers in Economics and Environment Network Working Papers from Australian National University, Economics and Environment Network
Bibliographic data for series maintained by Jack Pezzey ( this e-mail address is bad, please contact ).

 
Page updated 2021-06-17
Handle: RePEc:anu:eenwps:0403