[pt] Títulos verdes são instrumentos para financiamento de ativos e projetos com benefícios ambientais, cuja emissão vem se tornando comum no mercado brasileiro. Preferências não-pecuniárias de investidores pela compra desses títulos associados a impacto ambiental positivo podem se refletir em uma diferença em sua precificação em comparação com títulos convencionais, fenômeno denominado de prêmio verde (greenium). A bibliografia internacional que explora a existência de um prêmio verde e de seus determinantes ainda é variada, porém não contempla o mercado brasileiro. Este trabalho busca contribuir para a literatura ao explorar a dinâmica de precificação de títulos verdes no Brasil. Para possibilitar a comparação entre títulos verdes e títulos convencionais de características similares e isolar os efeitos do rótulo verde na precificação desses ativos, foram empregados dois métodos de pareamento, Propensity Score Matching e Coarsened Exact Matching. Considerando uma amostra de 110 títulos verdes e 227 títulos convencionais emitidos entre 2016 e 2022 pelos mesmos emissores, o resultado indica a existência de um prêmio verde de 1,92% no mercado brasileiro, porém com resultados mistos uma vez que apenas um dos métodos obteve resultado significativo. / [en] Green bonds are an important tool for financing assets and projects with positive environmental impacts and its issuance is becoming more commonplace in the Brazilian market. Non-pecuniary preferences by investors for these bonds may be reflected in a difference in its pricing when compared to conventional bonds in what has become known as greenium. The international literature exploring the existence of a greenium and its determinants has achieved mixed results, but it does not consider the Brazilian market. This dissertation aims to contribute to the literature by exploring the pricing dynamics of green bonds in Brazil. To enable the comparison between green and conventional bonds of similar characteristics and to isolate the effects of the green label in their pricing, two matching methods were employed, Propensity Score Matching and Coarsened Exact Matching. With a sample of 110 green bonds and 227 conventional bonds issued between 2016 and 2022 by the same issuers, the result indicates the existence of a greenium of 1.92% in the Brazilian market, but with mixed results since only one of the methods is significant.

Blended finance has the past decade become an increasingly popular way for development banks in Southeast Asia to invest in renewable energy projects with the aim of mobilizing additional private investments. Although definitions of the method differ among stakeholders, blended finance is a way of blending development loans with below-market-rate funds to lower risks experienced by private investors. This relatively unexplored financing approach could be one of the solutions to bridge the large private funding gap the region's renewable energy sector is currently experiencing. This paper investigates if and how blended finance contributes to the diffusion of renewable energy innovation in Southeast Asia, through the mobilization of further private investments. To do this, the de-risking effects of blended finance have been investigated, as well as which stage in the diffusion innovation process blended finance is relevant, and how it contributes to the innovation functions of an energy technology innovation system. Exploratory interviews were held with both regional climate finance experts, as well as with eight blended finance investment executives. The findings from this thesis show that blended finance helps renewable energy technologies in their product commercialization and market formation stage, by targeting first-mover projects. During this stage, renewable energy projects in Southeast Asia experience especially high barriers to attracting private investments, the so-called commercialization valley of death. Further, blended finance contributes to four out of seven innovation functions in the energy technology innovation system: Resource mobilization, knowledge diffusion, creation of legitimacy and market creation. The financial risks of renewable energy projects are being mitigated as the public loans and concessional funds lower costs and create increased returns, leading to projects being more financially attractive for private investors. The perceived risks among private investors are being mitigated through knowledge diffusion and the creation of legitimacy. Development banks spread the knowledge about investments in renewable energy projects, as well as the technology, and the very existence of blended finance investment brings a quality mark for renewable energy projects. The paper additionally found that the lack of a common definition of blended finance leads to a lack of common methodologies, data availability and evaluations of the approach. This in turn leads to little research and difficulties in collaboration among blended finance investors, ultimately resulting in the approach being hard to scale. / Blandfinansiering, eller "blended finance", har det senaste decenniet blivit ett allt populärare sätt för utvecklingsbanker i Sydostasien att investera i projekt för förnyelsebar energi. Blandfinansiering ett sätt att blanda vanliga utvecklingslån med lån med en lägre ränta än marknadsräntan. Syftet är att attrahera och mobilisera mer privata investeringar mot förnyelsebar energi, genom att minska riskerna privata investerare upplever. Denna relativt outforskade finansieringsmetod kan vara en av lösningarna för att överbrygga den stora privata finansieringsklyfta som den sydostasiatiska förnyelsebara energisektorn upplever. Denna uppsats undersöker om och hur bland finansieringbidrar till spridningen av innovationer inom förnybar energi i Sydostasien. Detta genom att undersöka de riskminimerande effekterna av blandfinansiering, i vilken fas in innovationsprocessen blandfinansiering är relevant och hur det bidrar till innovationsfunktionerna inom ett energitekniskt innovationssystem. Explorativa intervjuer hölls med både regionala experter inom klimatfinansiering och med åtta investerare inom blandfinansiering. Resultaten visar att blandfinansiering hjälper förnyelsebar energiteknik i produktkommersialiserings- och marknadsbildningsfasen i innovationsprocessen, genom att rikta in sig på "first-mover" projekt. I denna fas upplever projekt för förnyelsebar energi i Sydostasien särskilt höga hinder för att attrahera privata investeringar, den så kallade "commercialisation valley of death". Vidare bidrar blandfinansiering till fyra av sju innovationsfunktioner i det energitekniska innovationssystemet: Resursmobilisering, kunskapsspridning, legitimitetsskapande och marknadsskapande. Den finansiella risken för förnyelsebara energiprojekt sjunker då blandfinansiering sänker kostnaderna och ökar avkastningen, vilket leder till att projekten blir mer ekonomiskt attraktiva för privatainvesterare. De upplevda riskerna bland privata investerare sjunker genom kunskapsspridning och skapandet av legitimitet. Utvecklingsbanker sprider kunskapen om hur man investerar i förnyelsebara energiprojekt, och utvecklingsbankernas närvaro i projekten skapar trovärdighet. Rapporten fann dessutom att avsaknaden av en gemensam definition för blandfinansiering leder till en brist på gemensamma metoder, datatillgänglighet och utvärderingar av investeringsmetoden. Detta leder i sin tur till lite forskning och svårigheter i samarbetet mellan investerare, vilket resulterar i att blandfinansiering är svårt att etablera på en större skala.

A growing body of scholarship has explored the link between climate change, natural resources and conflict. While considerable interest has been shown in examining how and under what circumstances climate change may increase a country’s risks of conflict, research exploring climate change response initiatives in fragile and conflict-affected contexts remains limited. Drawing from political ecology and ecological security literature, I understand climate resilience to be an intrinsic part of peace. This study explores and empirically tests if climate funding, through natural resource management practices, contributes to social cohesion and reduced environmental stress and, hence, peace. By doing a quantitative subnational analysis based on Colombia, I use a Fixed Effects regression model to test two hypotheses. While statistical evidence shows a positive and statistically significant relationship between climate change funding and negative peace, not enough evidence is found to support the second hypothesis linking it to environmental sustainability (as indicator of positive peace).

[pt] Nesse artigo, fornecemos evidências de que as informações sobre a infraestrutura de mitigação de riscos nos Estados Unidos (EUA) durante uma exposição indireta a ciclones tropicais e a própria exposição indireta a ciclones tropicais geram anomalias nos retornos após considerar os 5 fatores FamaFrench e momentum. Formulamos duas hipóteses possíveis para explicar essas anomalias: hipótese do investidor local e hipótese do investor geral. Ambas as hipóteses assumem que os investimentos em mitigação de riscos são inferiores ao ideal. Sua diferença é baseada em como os investidores interpretam os programas de mitigação de riscos. Na hipótese do investidor local, Nós nos concentramos nas percepções dos investidores locais sobre os programas. Investimentos mais significativos nesses programas significam que mais investidores locais irão reconhecê-los e conhecer suas falhas. Por outro lado, na hipótese do investor geral, nos concentramos nas associações que os investidores gerais fazem entre o nível de investimento em mitigação de perigos e o risco de desastres. No final, damos algumas evidências da hipótese dos investidores locais, mas não podemos garantir que essa seja a única explicação possível. A questão toda depende de quanto os investidores sabem sobre os programas de mitigação de riscos. Além disso, evidenciamos que um canal de informação é o provável caminho pelo qual as anomalias são geradas. Assim, nesta dissertação, lançamos alguma luz sobre a incerteza gerada pelos desastres naturais que precificam os ativos, um tema que recebe mais atenção em um mundo em aquecimento. / [en] In this paper, we provide evidence that information about hazard mitigation infrastructure in the United States (U.S.) during an indirect exposure to tropical cyclones and the indirect exposure to tropical cyclones per se generate anomalies in returns after considering the 5 Fama-French factors and momentum. We formulate two possible hypotheses to explain these anomalies: local investor and general market hypotheses. Both hypotheses assume that hazard mitigation investments are lower than the ideal. Their difference is based on how investors interpret the hazard mitigation programs. We focus on local investors perceptions about them in the local investor hypothesis. More significant investments in these programs mean more local investors will acknowledge them and their flaws. On the other hand, we focus on general investors associations between hazard mitigation investment level and disaster risk in the general market hypothesis. In the end, we give some evidence of the local investors hypothesis, but we cannot guarantee that this is the only possible explanation. The whole point depends on how much investors know about hazard mitigation programs. Beyond that, we give evidence that an information channel is the probable path in which the anomalies are generated. Thus, in this dissertation, we shed some light on the uncertainty generated by natural disasters that prices assets, a topic that gets more attention in a warming world.

In a world of growing environmental concern, financial markets are increasingly investing their capital in the transition towards a more sustainable economy. Government initiatives, such as the 2019 European Green Deal, support this shift by aiming to further steer capital flows in this direction. This thesis explored what motivational factors drive the integration of environmental, social, and governance (ESG) concerns in private equity firms which implement a buyout strategy and operate in Sweden. Additionally, this thesis sought to highlight what influence the regulatory environment has on this integration. The data was collected by interviewing representatives from seven private equityfirms and utilising a secondary data analysis of their company reports. The results showed a high degree of sustainability integration in the private equity industry. The analysis further revealed that while intrinsic motivators, predominantly emerging from partners' beliefs, are the primary drivers for some private equity firms, the majority are influenced by extrinsic motivators, with investor demand being the predominant factor. Additionally, we could identify the emergence of industry standards through governmental and non-governmental frameworks. From a practical standpoint, the thesis highlights the necessity of integrating sustainability to maintain legitimacy in the market and secure continuous funding.

L’observation des défis économiques, sociaux et environnementaux qui préoccupent l’humanité aujourd’hui nous amène à revoir les modèles de croissance économiques adoptés, à reconnaitre leurs limites et à apporter un jugement critique sur la gouvernance de l’homme et sa manière d’exploiter le monde. La thèse cherche à démontrer comment l’épuisement des ressources naturelles et le recours aux principales énergies renouvelables, l’eau, le soleil et le vent, peuvent être utilisés pour approfondir la compréhension de la relation de l’homme vis-à-vis de l’environnement, le compromis nécessaire entre sa liberté et sa responsabilité et les principes moraux qui doivent informer sa conduite. Ces défis mettent en évidence l’urgence d’une réflexion critique sur l’activité financière aujourd’hui et sa contribution au développement réel et durable de l’économie. Ce travail propose, donc, d’explorer quelques possibilités de l’intégration contemporaine de principes « éthiques » dans les modes de financement de projets relatifs à l’utilisation de l’eau, du soleil et du vent. Nous donnons d’abord un état des lieux des modes de financement et d’investissement dits éthiques ou alternatifs. Nous considérons, en particulier, l’investissement socialement responsable, les marchés de capitaux durables, les institutions ayant pour mission l’inclusion financière, les banques multilatérales de développement et la finance participative. L’objectif est d’examiner comment des principes éthiques peuvent être intégrés dans les modes de financement modernes de projets verts et durables, c’est-à-dire comment l’expertise financière rejoint la préoccupation pour le changement climatique et les énergies renouvelables mondialement. Cette analyse démontre aussi l’intérêt croissant pour les questions de durabilité et de justice sociale, bien que sa concrétisation reste encore à questionner. / The observation of the economic, social and environmental challenges facing humanity today leads us to reconsider the models of economic growth pursued, to recognise their limitations and to give a critical assessment of human governance and his way of exploiting the world’s resources. The thesis seeks to demonstrate how the depletion of natural resources and the use of the main renewable energy sources, namely water, sun and wind can be used to deepen the understanding of man's relationship with the environment, the compromise between his freedom and responsibility and the moral principles that must govern his conduct. These challenges highlight the urgency of a critical thinking on the financial activity today and its contribution to the real and sustainable development of the economy. Thus, this work proposes to explore few examples of the contemporary integration of "ethical" principles in the financing modes of projects related to the use of water, sun and wind. We first give an assessment of the modes of financing and investment called ethical or alternative. We consider, in particular, socially responsible investing, sustainable capital markets, financial inclusion institutions, multilateral development banks and participatory finance. The objective is to examine how ethical principles can be integrated into the modern financing modes of green and sustainable projects, i.e. how the financial expertise integrates the concerns for climate change and renewable energies globally. This analysis also demonstrates the growing interest in issues related to sustainability and social justice, although their effective implementation can sometimes be questioned.

Climate change is recognized as one of the environmental challenges with disastrous consequences for the human well-being. Hence, there is no doubt that climate change is not only a great environmental concern, but also a developmental challenge that overlaps at many levels. Accordingly, the global community sees climate change and sustainable development as two major challenges of the 21st century that require urgent collective action. The aim of the study was to investigate and analyse South Africa’s policy response in addressing climate change, also considering the added dynamics and imperatives presented by the 2030 Agenda for Sustainable Development (AfSD) that enshrines 17 interwoven Sustainable Development Goals (SDGs) and 169 targets. In order to fulfil this task, five research objectives were developed; namely: (i) to determine the extent to which the South African government has been involved in domesticating and localizing the SDGs agenda (in general) since its birth in January 2016, (ii) to identify policies and institutions dealing with climate change mitigation (including sustainable consumption and production) and document the provisions of such policies, (iii) to determine policy coverage and institutional spread regarding the addressing of climate change adaptation and adaptive capacity, (iv) to audit and present an inventory of institutions and major financial arrangements existing as means of implementing climate change policy in South Africa, and (v) to establish measures in place to improve education, awareness-raising, and human and institutional capacity development on climate mitigation and adaptation, impact reduction and early warning. A research methodology was adopted which took the form of evaluation research. This research approach is mostly used in large bureaucratic organizations such as government to determine the extent to which a programme or policy is effective. The research design followed a Mixed-Methods Research (MMR), which combines qualitative and quantitative approaches. Primary data was collected from purposefully selected respondents, who participated in the online survey and face to face interviews. The analysis of data entailed the reduction and display of data. Data reduction and display made it possible to code, create themes and concepts; as well as enable the study to make cogent inferences and rational conclusions. In addition, primary data was complemented by document analysis that scrutinized relevant documents to climate change and sustainable development. The study concluded that South Africa has taken reasonable steps to achieve the SDGs because the National Development Plan (NDP) which is aligned to the SDGs was already being implemented. The study also showed that South Africa has put in place institutional mechanisms to implement the SDGs, even though it took longer to put them in place and have them operationalised. The study concluded that South Africa has policies and strategies designed to respond to climate change mitigation and adaptation. However, there are several challenges inherent in the policies and strategies that make them ineffective, including policy implementation inertia. While the study confirmed that there are institutions in place to implement climate change policies and strategies; it emerged that capacity is concentrated at the national level, as opposed to the provincial and local government levels, and relies on few experts which makes the system vulnerable and fragile. Regarding funding for both climate change and the SDGs, it emerged that South Africa does not budget enough money, and relies heavily on international donations. The study further revealed that there is dissatisfaction with the public’s involvement in climate change management in the country. It also highlighted the need to improve early warning systems and preparedness to respond to extreme weather events. Hence, the study suggests that there is a need for a serious introspection with regard to the implementation model to ensure that the issues raised by the study are resolved. / Environmental Sciences / Ph. D. (Environmental Management)

Climate change is a daunting problem that results in actions-interactions from a number of actors in complex global systems, which require multi-level governance and a myriad of national policies. Academics and policy makers alike have been grappling with how to devise effective strategies on the international coordination of climate change policies. It is challenging because climate change problems involve actors with different positions, interests and motivation to cooperate due to the risks involved, the uncertainty and the high costs of adaptation and mitigation. Deforestation is the second largest source of GHG emissions. Success in this area can have a large impact on mitigation. This study focuses on the case of REDD+, a large scale governance experiment in climate finance and a promising cost-effective mitigation mechanism to motivate developing countries to implement policy approaches to reducing emissions from deforestation and forest degradation. REDD+ is considered a breakthrough mechanism in international cooperation under the UNFCCC regime as it was designed to be performance-based. Brazil is the world\'s largest recipient and has the most important REDD+ experiment - the Amazon Fund. The lack of developed theory in this domain led to the use of grounded theory methodology to understand the REDD+ governance process in Brazil. The \'REDD+ Governance Theoretical Framework\' emerged from the data. It is a substantive theory formed by seven major categories (Governance, Strategy, Financing, Implementation, Participation of stakeholders, Joint action and Collective learning) that are related to each other and explain the phenomenon. This study suggests that the lack of institutional arrangements to stimulate collective learning and incorporate lessons learned from the ground experience has been a major constraint on improving its governance in Brazil. Improving the effectiveness of the policy cycle may depend upon the establishment of specific arrangements focused on peer review processes involving lower-level entities responsible for implementation and experts from civil society. The establishment of a recursive learning system could solve certain policy coordination problems and create new opportunities to improve the effectiveness of the REDD+ governance process and implementation. This theory adds to the limited body of literature in the field by extending the knowledge on climate finance, stimulating discussion, and creating opportunities for further research and theoretical advances. The theoretical framework and lessons learned in Brazil from success and failure can help other developing countries to implement a national REDD+ strategy, system or regime. The theory can contribute to the international debate on the principles of good governance in official development assistance and aid effectiveness. This study provides an opportunity for policy makers and practitioners to learn about the challenges and constraints faced by Brazil when implementing an unprecedented results-based mechanism focused on mitigation. / A mudança climática é um problema desafiador resultante de ações e interações entre diversos atores em sistemas globais complexos, o que demanda governança em vários níveis e uma miríade de políticas nacionais. Acadêmicos e policy makers vêm se desafiando sobre como elaborar estratégias eficazes na coordenação internacional das políticas em mudança climática. É desafiador porque os problemas relacionados à mudança do clima envolvem atores com diferentes posições, interesses e motivação para cooperar, já que existem riscos envolvidos, alto nível de incerteza e custos de adaptação e mitigação. O desmatamento é a segunda maior fonte de emissões de gases causadores do efeito estufa. Sucesso nesta área pode ter um grande impacto em mitigação. Este estudo enfoca no caso de REDD+, um experimento de governança no financiamento do clima e um promissor mecanismo de mitigação com baixo custo para incentivar os países em desenvolvimento a implementar abordagens políticas que reduzam emissões oriundas do desmatamento e da degradação florestal. O REDD + é considerado um mecanismo inovador em acordos de cooperação internacional sob o regime da UNFCCC, pois foi idealizado para ser baseado em desempenho. O Brasil é o maior receptor do mundo e tem o mais importante experimento de REDD+ - o Fundo Amazônia. A ausência de teorias desenvolvidas nessa área levou ao uso da metodologia grounded theory para compreender o processo de governança de REDD+ no Brasil. A partir dos dados primários foi desenvolvido o \'REDD+ Governance Theoretical Framework\'. Trata-se de uma teoria substantiva formada por sete categorias (Governança, Estratégia, Financiamento, Implementação, Participação de stakeholders, Ação coletiva e Aprendizagem coletiva) que se relacionam e explicam o fenômeno. Este estudo sugere que a ausência de arranjos institucionais para estimular a aprendizagem coletiva e incorporar as lições aprendidas durante a implementação tem sido um grande obstáculo para melhorar a governança de REDD+ no Brasil. Melhorar a efetividade do ciclo político pode depender do estabelecimento de arranjos específicos com foco em processos de revisão por pares que envolvam entidades responsáveis pela implementação e especialistas da sociedade civil. O estabelecimento de um sistema de aprendizagem recursiva poderia facilitar a resolução de alguns problemas de coordenação política e criar novas oportunidades para aprimorar o processo de governança de REDD+. Esta teoria contribui para a construção do conhecimento científico focado no financiamento do clima, estimula a discussão, sugere oportunidades para novas pesquisas e avanços teóricos. O framework teórico pode ajudar outros países em desenvolvimento a implementar estratégia, sistema ou regime nacional de REDD+. As lições aprendidas no Brasil, baseadas no sucesso e fracasso, podem ser absorvidas por outros países em desenvolvimento. A teoria contribui para o debate internacional sobre os princípios da boa governança nos acordos de cooperação internacional e na eficácia da ajuda financeira. Este estudo oferece uma oportunidade para que os policy makers e os profissionais aprendam sobre os desafios e obstáculos enfrentados pelo Brasil ao implementar um inovador mecanismo de financiamento do clima baseado em resultados.

Climate change is a daunting problem that results in actions-interactions from a number of actors in complex global systems, which require multi-level governance and a myriad of national policies. Academics and policy makers alike have been grappling with how to devise effective strategies on the international coordination of climate change policies. It is challenging because climate change problems involve actors with different positions, interests and motivation to cooperate due to the risks involved, the uncertainty and the high costs of adaptation and mitigation. Deforestation is the second largest source of GHG emissions. Success in this area can have a large impact on mitigation. This study focuses on the case of REDD+, a large scale governance experiment in climate finance and a promising cost-effective mitigation mechanism to motivate developing countries to implement policy approaches to reducing emissions from deforestation and forest degradation. REDD+ is considered a breakthrough mechanism in international cooperation under the UNFCCC regime as it was designed to be performance-based. Brazil is the world\'s largest recipient and has the most important REDD+ experiment - the Amazon Fund. The lack of developed theory in this domain led to the use of grounded theory methodology to understand the REDD+ governance process in Brazil. The \'REDD+ Governance Theoretical Framework\' emerged from the data. It is a substantive theory formed by seven major categories (Governance, Strategy, Financing, Implementation, Participation of stakeholders, Joint action and Collective learning) that are related to each other and explain the phenomenon. This study suggests that the lack of institutional arrangements to stimulate collective learning and incorporate lessons learned from the ground experience has been a major constraint on improving its governance in Brazil. Improving the effectiveness of the policy cycle may depend upon the establishment of specific arrangements focused on peer review processes involving lower-level entities responsible for implementation and experts from civil society. The establishment of a recursive learning system could solve certain policy coordination problems and create new opportunities to improve the effectiveness of the REDD+ governance process and implementation. This theory adds to the limited body of literature in the field by extending the knowledge on climate finance, stimulating discussion, and creating opportunities for further research and theoretical advances. The theoretical framework and lessons learned in Brazil from success and failure can help other developing countries to implement a national REDD+ strategy, system or regime. The theory can contribute to the international debate on the principles of good governance in official development assistance and aid effectiveness. This study provides an opportunity for policy makers and practitioners to learn about the challenges and constraints faced by Brazil when implementing an unprecedented results-based mechanism focused on mitigation. / A mudança climática é um problema desafiador resultante de ações e interações entre diversos atores em sistemas globais complexos, o que demanda governança em vários níveis e uma miríade de políticas nacionais. Acadêmicos e policy makers vêm se desafiando sobre como elaborar estratégias eficazes na coordenação internacional das políticas em mudança climática. É desafiador porque os problemas relacionados à mudança do clima envolvem atores com diferentes posições, interesses e motivação para cooperar, já que existem riscos envolvidos, alto nível de incerteza e custos de adaptação e mitigação. O desmatamento é a segunda maior fonte de emissões de gases causadores do efeito estufa. Sucesso nesta área pode ter um grande impacto em mitigação. Este estudo enfoca no caso de REDD+, um experimento de governança no financiamento do clima e um promissor mecanismo de mitigação com baixo custo para incentivar os países em desenvolvimento a implementar abordagens políticas que reduzam emissões oriundas do desmatamento e da degradação florestal. O REDD + é considerado um mecanismo inovador em acordos de cooperação internacional sob o regime da UNFCCC, pois foi idealizado para ser baseado em desempenho. O Brasil é o maior receptor do mundo e tem o mais importante experimento de REDD+ - o Fundo Amazônia. A ausência de teorias desenvolvidas nessa área levou ao uso da metodologia grounded theory para compreender o processo de governança de REDD+ no Brasil. A partir dos dados primários foi desenvolvido o \'REDD+ Governance Theoretical Framework\'. Trata-se de uma teoria substantiva formada por sete categorias (Governança, Estratégia, Financiamento, Implementação, Participação de stakeholders, Ação coletiva e Aprendizagem coletiva) que se relacionam e explicam o fenômeno. Este estudo sugere que a ausência de arranjos institucionais para estimular a aprendizagem coletiva e incorporar as lições aprendidas durante a implementação tem sido um grande obstáculo para melhorar a governança de REDD+ no Brasil. Melhorar a efetividade do ciclo político pode depender do estabelecimento de arranjos específicos com foco em processos de revisão por pares que envolvam entidades responsáveis pela implementação e especialistas da sociedade civil. O estabelecimento de um sistema de aprendizagem recursiva poderia facilitar a resolução de alguns problemas de coordenação política e criar novas oportunidades para aprimorar o processo de governança de REDD+. Esta teoria contribui para a construção do conhecimento científico focado no financiamento do clima, estimula a discussão, sugere oportunidades para novas pesquisas e avanços teóricos. O framework teórico pode ajudar outros países em desenvolvimento a implementar estratégia, sistema ou regime nacional de REDD+. As lições aprendidas no Brasil, baseadas no sucesso e fracasso, podem ser absorvidas por outros países em desenvolvimento. A teoria contribui para o debate internacional sobre os princípios da boa governança nos acordos de cooperação internacional e na eficácia da ajuda financeira. Este estudo oferece uma oportunidade para que os policy makers e os profissionais aprendam sobre os desafios e obstáculos enfrentados pelo Brasil ao implementar um inovador mecanismo de financiamento do clima baseado em resultados.

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