Development and Global Finance: The Case for an International Bank for Environmental Settlements

Abstract

The approach suggested here was proposed by the author during discussions with members of (a) the Intergovernmental Negotiating Committee (INC) of the United Nations Framework Convention on Climate Change (FCCC), (b) the United States Council of Economic Advisors, (c) the Global Environment Facility, and (d) the Organisation for Economic Cooperation and Development. An earlier version of this paper was presented as a keynote address to the Third Annual World Bank Conference on Effective Financing of Environmentally Sustainable Development in October 1995. The author thanks the participants of UNDP meetings in March and June I996 for their comments as well as Dr. Jorge Werthein of UNESCO.