NEW DIRECTIONS FOR FINANCING GLOBAL ENVIRONMENTAL-CHANGE

The international environmental agreements negotiated in Rio de Janeir o in 1992 provide some hope for reducing the rate of global warming an d saving the world's biological diversity, But it is clear that the No rth will vote only limited funds to facilitate the working of the Conv entions, perhaps US$2 billion over the coming three years, Against the scale of the problems this is an inadequate sum, However, there are o pportunities for tapping into other sources of funds, and for using of ficial transfers as a lever for yet other funds, Additionally, enormou s scope exists for reducing global environmental problems through the adoption of more sensible economic policies, The deployment of imagina tive policies to 'capture' environmental value can make a substantial difference to the global environment.