Substituting fossil energy sources: the role of the climate funds and effects on the economic growth
Antonio Angelo Romano,
Monica Ronghi and
MPRA Paper from University Library of Munich, Germany
The Green Climate Fund (GCF) is a fund within the framework of the UNFCCC founded as a mechanism to assist developing countries in adaptation and mitigation practices to counter climate change. In this paper, we analyze the flow of funds among countries and investigate, through a counterfactual analysis, their effectiveness. The results show that as result of the receipt of the funds, countries reduced their GHG emission and have been incentivized in the replacement of fossil sources with renewable sources. Finally, also a leverage effect of the funds for economic development of the recipient countries comes into the light.
Keywords: Renewable and non-renewable energy sources; counterfactual analysis; economic growth; climate finance (search for similar items in EconPapers)
JEL-codes: C21 C54 O44 O47 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:82373
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