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Climate Law and Governance at King's

Climate Law & Finance

Legal Readiness for Climate Finance: Private Sector Opportunities

The report, Legal Readiness for Climate Finance: Private Sector Opportunities authored by Dr Megan Bowman and Dr Katrien Steenmans, summarises the findings of a workshop of the same name co-convened by King’s and UN Environment in January 2019.

 
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The Private Sector and Legal Readiness for Climate Finance

Addressing climate change will require increased flows of private capital and more effective leveraging of public capital globally. Efforts by the private sector will help countries to meet their international commitments under the Paris Agreement; and capital-allocation decisions by the market will facilitate the transition (or not) to a low-carbon economy. Those efforts and decisions are shaped by law and regulation as well as policy. Having ‘legal readiness’ for climate finance can encourage investor confidence. So how can law-makers, regulators, and practitioners work together to support the implementation of the Sustainable Development Goals and the Paris Agreement? What is – and should be – the role of law and regulation for a truly systemic transformation by enabling finance at scale, encouraging project pipeline, and ensuring corollary benefits of enhancing economic and social development in a sustainable way? What risks and opportunities are emerging for the private sector to support this transition? These were questions posed to a public of experts to close proceedings of an invite-only workshop on 25 January 2019.

 

Panel Chair: Dr Megan Bowman, Reader in Law and Director, Climate Law & Governance, King’s College London.

Panel Speakers:

  • Ms Julie Ansidei, Head, Strategy and Sustainable Finance Unit; Secretary, Executive Committee, Regulation Policy and International Affairs, French Financial Market Authority (AMF)
  • Mr Antonio Barbalho, Practice Manager, Latin America and the Caribbean, Energy & Extractives, World Bank
  • Ms Clare Burgess, Partner (Finance and capital markets), Clifford Chance
  • Mr Oscar Njuguna, Interim CEO, Nairobi International Financial Centre Authority
  • Dr Michael Ridley, Director, Green Bonds & Corporate Credit, Fixed Income Research, HSBC.

The event was supported by a BA/Leverhulme Small Research Grant awarded to Dr Megan Bowman.

Co-Convenors: Dr Megan Bowman (King’s College London), Robert Ondhowe (UN Environment), Christoph Schwarte (Legal Response International), assisted by Dr Katrien Steenmans (Coventry University).

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Climate Finance Law: Legal Readiness for Climate Finance

The report, Climate Finance Law: Legal Readiness for Climate Finance, authored by Dr Megan Bowman and Dr Katrien Steenmans, summarises the findings of the three-day workshop of the same name co-convened by King’s and UN Environment in March 2018. The workshop is part of an ongoing partnership to stimulate collaborations and mutual learning between public and private stakeholders in developing and developed countries for transformational change.

 climatefinancereport 280The workshop was structured around:

1. scholarly research on the legal dimensions of legal dimensions of climate finance and practical tools for law and policy makers to analyse legal readiness for climate finance, and;

2. the practical experiences of Mexico and Kenya as early-moving countries that have undertaken legal and regulatory initiatives to enable increased public and private climate finance.

Delegates comprised government and parliamentary officials from Kenya, Mexico and the UK, as well as participants from UN bodies, multilateral financial institutions, private consultancies, and academia.

The workshop and report were funded by a 2017 King’s Together Seed Award. The grant team comprises Dr Megan Bowman (Law) and Dr Helen Adams (Geography) as Principal Investigators and Professor Juliane Reinecke (Business) and Dr Katrien Steenmans (Law) as Co-Investigators.

 

wide-divider-yellow_685wIdeas Lab roundtableIdeas Lab in Climate Law & Finance: Tragedy on the horizon or time for improvement?

In January 2017, King's hosted a round-table event 'Ideas Lab in Climate Law & Finance: Tragedy on the horizon or time for improvement?'. Invited experts came together to consider opportunities for facilitating a timely climate-related systemic change in financial, corporate and legal thinking and practice to move beyond ‘business-as-usual but with a lemon twist’. This was also an opportunity to take stock and share experiences of important work from 2016 and debate likely directions for 2017 and beyond. 

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Dr Megan Bowman introduces her work with Dr Eloise Scotford in creating the Climate Law and Governance Hub within The Dickson Poon School of Law, as well as an ideas lab round-table they hosted exploring corporate behaviour on climate change and the mainstreaming of green finance.

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Ideas Lab discussion

Ideas Lab discussion

Ideas Lab discussionwide-divider-yellow_685wBanking on Climate Change

The imperative to move to a low-carbon existence calls for the most significant market and economic transition in modern history. This will require massive financial input so it is essential to understand the ever-increasing role of private finance actors - banks, insurers, institutional investors - in helping to meet this global challenge. 

Dr Megan Bowman's book, Banking on Climate Change: How Finance Actors and Transnational Regulatory Regimes Are Responding (Kluwer, 2015) is an in-depth, qualitative study involving post-GFC interviews with senior bank personnel and non-government organisations in key market economies. The study opened a window on financial decision-making to provide lessons for regulators, lawyers, and scholars.

The book was officially launched at King's College London in November 2015, where invited speakers joined Dr Bowman to discuss the broader current issues of corporate social responsibility, legal and policy options, and innovative practices in harnessing private finance for socio-environmental benefit. Full details of the book launch.

Images from the event are available on Flickr

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pdf-icon-yellow_100x135pxClick on icon to download briefing paper (PDF, 362KB) 

 

 

 

 

 

 

 

 

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