Experience to date has shown that calling for and relying on enhanced ambition and moral imperatives need to be complemented by supportive incentives. Climate policy action needs to be aligned with the national interest and the short-term focused priorities of governments. Effective and rapid mitigation action needs to be a rational choice at level of the decision-makers and not only from a global and intergenerational perspective.
Our submission outlines and makes the case for a global framework that not just overcomes, but harnesses the focus on the short-term and national interest in order to drive climate action. It achieves this by:
offering substantial financial incentives to national governments in the short-term in order to promote policy action and to deliver carbon emission reductions;
decoupling climate action from its financial costs both in terms of who carries these financial costs and when they materialize; and
raising and distributing to countries large amounts of private capital to support the transition to a decarbonized global economy.