A global decarbonisation bond

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.