Abstract

Part of book
The Political Economy of Climate Finance: Lessons from International Development

Abstract

Despite the manifold loopholes of carbon markets, the demand for climate offsets has never been higher than in recent years. Besides the questionable efficacy of such climate compensating measures, growing critique has also been voiced concerning their role in perpetuating global power dynamics and neocolonial patterns. The history of nature conservancy and its implementation in the Global South under the veil of sustainable development, prepared the ground for the deployment of carbon markets, which have also evolved, responding to criticism, presumably seeking ethical improvements. While many studies have addressed evident forms of physical land grabs as a consequence of environmental and climate action, this chapter highlights the subtler expressions of “carbon colonialism” found in recent research, showcasing them through different case studies. As climate finance diversifies to meet the needs of a growing awareness among both the mediatized Western society and the hosting communities, new challenges beyond land-use conflicts appear, that need to be addressed, too. As opposed to land grabs, they take place in unseen dimensions of instrumentalization, where “contradictory knowledge translations” are used to ensure legitimacy. Exposing such hidden dynamics is essential to respond appropriately and seek solutions to decolonize climate finance.