Climate change as a global public good and its methodologies of the financing

With this workpaper I tried to introduce the works and contributions of the international community in financing the climate change matter, which is also know as global public?bad?, and in providing a healthier climate system.Within the framework of sustainable development, a healthy climate system has many benefits in the national as well as global perspective to all mankind, however the absence of such healthy climate would damage as strong as the impact of those benefits. Here this matter is regarded as public good, as the situation would very much affect the life standards of today?s and of future generations.The main factor that makes it a public good is the externalities it involves. Especially after the ?Big Industrial Revolution? the anthropogenic gases constitute a serious threat to the climate system. Since the climate system is a pure public good, and together with the growing environmental consciousness, the major producers of this problem, the industrialised countries began to act in cooperation to share the financial burden and solve the problem. In result, the United Nations Framework Convention on Climate Change, the Kyoto Protocol came to life and this provided a new perspective to the supply of this good, which is a healthy climate system not deterring the sustainable development. Moreover there merged new mechanism and financial systems as a result of the convention that proposes to establish new sources in order to help the adaptation of the developing countries against the possible effects of climate change. And the solution to the climate change problem, such as technology transfer and capacity enhancing, are financed by Global Environmental Facility which was established in 1991 by World Bank, UNDP and UNEP. As a result a common consience of shared responsibility and as a solution to this problem, the emission trade system would be the main factor to shape the 21st. century. Key Words: Global Public Goods, Global climate change, Global Environmental Facility