Edited by Michael Mehling, Deputy Director, Center for Energy and Environmental Policy Research (CEEPR), Massachusetts Institute of Technology (MIT), Cambridge, MA, USA and Harro van Asselt, Hatton Professor of Climate Law, Department of Land Economy, University of Cambridge, UK and Professor of Climate Law and Policy, University of Eastern Finland, Joensuu, Finland

• ContentsForeword xiiPreface xiv1 Introduction: mapping the field of climate change finance and investment law 1Harro van Asselt and Michael MehlingPART I INTERNATIONAL CLIMATE FINANCE: INSTITUTIONS AND CHANNELS 2 International climate finance: institutions in the climate regime 23Ralph Bodle3 The Green Climate Fund 45Stephen Minas4 Multilateral development banks and their role in channelling climate finance 77VesselinaHaralampieva and AdonaiHerrera-Martínez5 Accountability for international climate finance 129Andria Naudé Fourie6 International climate finance for adaptation and loss and damage 154Chrysa AlexandrakiPART II INTERNATIONAL TRADE AND INVESTMENT LAW 7 The Energy Charter Treaty and climate change 192Cees Verburg8 Reforming international investment law for climate change goals 212Martin Dietrich Brauch9 Energy subsidies and international trade law 248Ilaria Espa, Harro van Asselt, and Dominic Coppens PART III CLIMATE RISK AND THE LAW 10 Climate-related risk and the insurance sector 280Sean B Hecht and Siyi Shen11 Climate risk disclosure and fiduciary duties 311Lisa Benjamin12 Divestment of fossil fuel assets 341Mikko RajavuoriPART IV LEVERAGING CLIMATE FINANCE AND INVESTMENT: INSTRUMENTS AND SECTORAL PERSPECTIVES 13 Climate finance through carbon pricing 365William Acworth, Michael Mehling and Marissa Santikarn14 Debt for climate: Green bonds and other green financial instruments 386Paul Rose15 Financing climate-friendly energy projects 417Jeffrey D Brown16 Financing the transition to sustainable forestry and agriculture 436Charlotte Streck, Thiago Chagas, and Moritz von UngerPART V CONCLUSION 17 Conclusion: the past, present, and future of climate change finance and investment law 467Michael Mehling and Harro van AsseltIndex 492

‘A decade ago, the world agreed to making finance flows consistent with a pathway towards low GHG emissions and climate-resilient development. This – third - objective of the Paris Agreement is as crucially important today as it remains challenging. This Handbook, edited by two of the most renowned experts in climate finance and investment law, Michael Mehling and Harro van Asselt, provides both map and compass to navigate this legal field and to explore new horizons – and solutions.’