A global decarbonisation bond

Abstract

Abstract The 2018 IPCC Special Report, Global Warming of 1.5 °C, calls attention to the inadequacy of ‘the current nationally stated mitigation ambitions as submitted under the Paris Agreement’ to control global warming within acceptable parameters. A strategy of decarbonisation is urgently required in this context, and where that strategy is most needed is in developing countries, which are, however, constrained by a shortage of capital to carry it out. This paper proposes that developed countries implement their promised $100 billion annual assistance to developing nations by issuing, by 2023, a $2.5 trillion Global Decarbonization Bond that will front-load the provision of appropriate technologies for this purpose.