Munich Personal RePEc Archive

Substituting fossil energy sources: the role of the climate funds and effects on the economic growth

Cafora, Alfonso and Romano, Antonio Angelo and Ronghi, Monica and Giuseppe, Scandurra (2017): Substituting fossil energy sources: the role of the climate funds and effects on the economic growth.

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Abstract

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.

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