The Political Economy of Climate Finance Effectiveness in Developing Countries: Carbon Markets, Climate Funds, and the State

There is ample evidence that engaging developing countries on climate change mitigation would have significant, positive impacts on global climate efforts. There is much debate, however, on the most effective strategy for unlocking these low-cost mitigation opportunities. While the Clean Development Mechanism (CDM) emerged as the main climate finance instrument for engaging developing countries under the Kyoto Protocol, the carbon market approach it embodied would largely be replaced by a n...