Countries Working Together in the Climate Compact: Surcharge as a Binding Force
In advance of COP27, we make recommendations for a path to rapidly and equitably meet climate mitigation goals. Our research indicates that the attached recommendations will have significant effect on climate mitigation and ensure a fair transition at the global scale. Major reductions in greenhouse gases can be achieved by supporting leadership of the G7/the E.U. in creating a Global Climate Club that is committed to meeting the United Nations net-zero commitments; and there must be assurance of substantial financial assistance to developing countries. To prevent free-riding, ambitious emission reduction targets would be the requirement for membership. A surcharge (or carbon border adjustment mechanism) on nonmember country exports protects competitiveness of member countries and can fund developing country needs.
Greenleaf’s climate work is guided by two Presidential advisors; including Dr. Don Wuebbles, expert atmospheric scientist who led the U.S. Fourth Climate Assessment, and Dr. Roy Wehrle, Senior Economist and past member of Council of Economic Advisors. Dr. Francine van den Brandeler, is the third author on the report; she is our staff Climate Lead who advised the United Nations’ Global Environmental Outlook for Cities. Their research and policy recommendations are informed by Nobel Laureate William Nordhaus’ work. The funding mechanism for developing country transitions is critical to our collective success; carbon pricing within a climate club framework with financial assistance to developing countries can help ensure a just transition.
Our Recommendations for COP27 can be found here. Additional climate policy work is available here.