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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 January 2021

A World Climate Bank

A World Climate Bank

(p.156) 9 A World Climate Bank
Institutions For Future Generations

John Broome

Duncan K. Foley

Oxford University Press

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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