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Institutions For Future Generations$
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Iñigo González-Ricoy and Axel Gosseries

Print publication date: 2016

Print ISBN-13: 9780198746959

Published to Oxford Scholarship Online: January 2017

DOI: 10.1093/acprof:oso/9780198746959.001.0001

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A World Climate Bank

A World Climate Bank

Chapter:
(p.156) 9 A World Climate Bank
Source:
Institutions For Future Generations
Author(s):

John Broome

Duncan K. Foley

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198746959.003.0009

Greenhouse-gas emissions cause external costs. They create inefficiency on a huge scale. Eliminating the inefficiency would lead to very great benefits, which could be distributed to the people of the world in a way that improves the life of each of them. No one need make a sacrifice. To achieve this result in real terms requires a transformation of the world’s economy. Resources must be shifted out of conventional investment and into reducing greenhouse-gas emissions. To make this possible in practice puts a responsibility on the world’s financial system. The transformation will have to be partly financed by very long-term loans. We need an international financial institution—a World Climate Bank—with enough stability and credibility to finance these large-scale changes

Keywords:   climate change, externality, pareto improvement, efficiency, social debt, climate bonds, intergenerational compensation, injustice, intergenerational distribution

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