New directions for financing global environmental change

The international environmental agreements negotiated in Rio de Janeiro in 1992 provide some hope for reducing the rate of global warming and saving the worldʹs biological diversity. But it is clear that the North will vote only limited funds to facilitate the working of the Conventions, perhaps US$2 billion over the coming three years. Against the scale of the problems this is an inadequate sum. However, there are opportunities for tapping into other sources of funds, and for using official transfers as a lever for yet other funds. Additionally, enormous scope exists for reducing global environmental problems through the adoption of more sensible economic policies. The deployment of imaginative policies to ‘capture’ environmental value can make a substantial difference to the global environment.