{"title":"The case for a World Carbon Bank","authors":"Kenneth Rogoff","doi":"10.1016/j.jpolmod.2023.07.009","DOIUrl":null,"url":null,"abstract":"<div><p>This paper explores the idea of creating a new multilateral financial institution, a World Carbon Bank, to channel aid funds and technical expertise to low and middle-income countries, to aid with the green transition. A focused high-return first project could involve phasing out coal power plants and replacing with green alternatives. Coal accounts for 30% of global emissions. Many coal plants are located outside advanced economies and are relatively new. The costs of swapping them out is significant, and most poorer countries have little incentive or capacity to do so. WCB funds would be outright grants and not loans.</p></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":null,"pages":null},"PeriodicalIF":3.5000,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Policy Modeling","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0161893823000790","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
This paper explores the idea of creating a new multilateral financial institution, a World Carbon Bank, to channel aid funds and technical expertise to low and middle-income countries, to aid with the green transition. A focused high-return first project could involve phasing out coal power plants and replacing with green alternatives. Coal accounts for 30% of global emissions. Many coal plants are located outside advanced economies and are relatively new. The costs of swapping them out is significant, and most poorer countries have little incentive or capacity to do so. WCB funds would be outright grants and not loans.
期刊介绍:
The Journal of Policy Modeling is published by Elsevier for the Society for Policy Modeling to provide a forum for analysis and debate concerning international policy issues. The journal addresses questions of critical import to the world community as a whole, and it focuses upon the economic, social, and political interdependencies between national and regional systems. This implies concern with international policies for the promotion of a better life for all human beings and, therefore, concentrates on improved methodological underpinnings for dealing with these problems.