Project description
A new way to pay for the climate crisis
Young people today will face problems such as rising temperatures, extreme weather, and shrinking natural areas. They will also have to deal with soaring public debt and the large costs of dealing with climate change. Cutting emissions and preparing for harder conditions will take trillions of euro each year. This could cause issues for future generations. Supported by the Marie Skłodowska-Curie Actions programme, the ReGreenConstitution project aims to explore solutions. The researchers will study new kinds of green and sustainability-related bonds, using law and economics to create plans that let people put their savings to use for climate solutions.
Objective
Future generations and youth inherit at least two debts (with incoming crises attached). The first incoming crisis results from the accumulation of greenhouse gases in the atmosphere. This climate crisis requires taking steps to mitigate it and adapt to its consequences. Those mitigation and adaptation efforts have even been quantified. The global investment gap for climate change mitigation is estimated at $380-680 trillion annually. Moreover, a further $60-100 trillion must be additionally invested into climate change adaptation measures (annually!). Those two investment gaps need to be filled with private and public investments. The second incoming crisis results from the constant accumulation (up to now) of public debt - the sovereign debt crisis. Future generations will live in democratic states overburdened with debt – and current youth already does. Most democratic states already have debts of 60%, 100%, 150%, or even more of their annual gross domestic product (GDP).
However, this mixture of those two incoming crises with massive funding needs for climate change mitigation and adaptation measures significantly limits future generations in their activities and their (financial) options. The same limitations affect governments in jurisdictions where future generations will live. Meanwhile, climate change and environmental damage are legacies of our civilisation. Tackling those challenges requires undertaking financial efforts both at a global level and by particular states.
ReGreenConstition's objective is to verify whether citizens could help in overcoming this zugzwang through new types of bonds (Green, Social, Sustainability and Sustainability-Linked Bonds). By combining different research disciplines (law, economics) and relying on a deep interdisciplinary methodology, the project will allow designing new policy and legal frameworks facilitating citizens to “vote” with their savings on climate change mitigation and adaptation measures.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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HORIZON.1.2 - Marie Skłodowska-Curie Actions (MSCA)
MAIN PROGRAMME
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
HORIZON-TMA-MSCA-PF-EF - HORIZON TMA MSCA Postdoctoral Fellowships - European Fellowships
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) HORIZON-MSCA-2024-PF-01
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
01513 Vilnius
Lithuania
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.