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The Financial Intermediation System in the Service of Environmental Protection or Green Financial Solutions
129-140Views:200In the present study, we have presented the activities and measures of the financial sector that support environmental protection and take into account climate change. To this end, existing international organizations have adopted documents to promote the use of climate-neutral green financial solutions by consumers, and new international organizations have been set up specifically for this purpose. The most successful of such organizations is NGFS, which currently has more than a hundred members. We have seen that the Hungarian National Bank has also taken a number of measures, announcing a program to green the financial sector.
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International and Regional Fight Against Climate Change and its Economic Impacts
84-98Views:177The climate change represents one of the greatest challenges nowadays. The United Nations Framework Convention on Climate Change and the Kyoto Protocol tried to attend the problem in international level. However the Kyoto Protocol’s first commitment period will be finished in 2012 and a new international framework needs to have been negotiated and ratified that can deliver the stringent emission reductions. When it will be contracted, the European Union defends against the climate change with regional instruments, like EU Emissions Trading System (ETS). The ETS tries to manage the problem by financial method.
The Copenhagen Accord declared that scientific view: the increase in global temperature should be below 2 degrees Celsius. The question is now, what the world and the EU should do for this goal. What is the expected global and EU emission in 2020? The EU has two kind of mitigation pledges: the 20% or 30% reduction. How EU achieves expectations and what kind of tools could help about this? The European Commission made several documents about this problem and the ways of mitigations.