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Economics and Evaluations of the Green Climate Fund

  • S. Niggol Seo
Chapter

Abstract

This chapter lays out an ensemble of economic theories that are pertinent to justifying the Green Climate Fund (GCF)‘s activities, based upon which a series of evaluations is conducted of the projects to which GCF-approved grants/loans were allocated since November 2015. The three economic theories are elaborated in the contexts of the GCF’s funding decisions: a theory of public goods and expenditures, a theory of economic efficiency in land and resource reallocations, and a theory of a public adaptation to climate change. The evaluations of the GCF-funded projects are conducted with reference to the empirical results and predictions from the four scientific traditions surveyed in this book from Chaps.  3,  4,  5, and  6. The evaluations reveal many intriguing policy features of the GCF. First, a GCF grant is not awarded to the proposed project which would yield the largest amount of the global public good, for example, reduction of carbon dioxide equivalent emissions, from a pool of proposals considered. Second, when a public adaptation project is awarded with a funding, funding recipients or accredited entities are often a public agency which cannot provide the concerned public good efficiently or with the least cost. Third, evaluated from the perspective of the efficient resource reallocations, many GCF grants/loans may fail to induce efficient adaptations of the recipients and even encourage mal-adaptations.

Keywords

Green Climate Fund Investment criteria Public expenditure Economic efficiency Public adaptation Mal-adaptation 

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Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • S. Niggol Seo
    • 1
  1. 1.Muaebak Institute of Global Warming StudiesSeorim-dong, Gwanak-gu, SeoulKorea

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