a Global Climate Trust?
It is clear from the latest science
that we face a global climate emergency demanding very urgent action
to reduce the concentration of global warming gases in the atmosphere.
The current concentration of carbon dioxide in the Earth's atmosphere
of over 380 ppm is extremely dangerous. Steps must be taken to reduce
the concentration to 350 ppm at most as soon as possible.
One leg of the strategy to do this is to
progressively reduce the emissions of carbon dioxide into the atmosphere
from the burning of fossil fuels and other industrial processes.
The simplest way to do this, and at the same time advance social
is by means of a global Cap
and Dividend or Cap
and Share scheme. Under these
schemes a global cap is put on the introduction of fossil fuels
into the economy, companies wishing to introduce the fuels must
purchase a permit to do so and pay a full market price for the permit.
The proceeds of the sale of permits are received by, or applied
for the benefit of, all adults in the world equally, to compensate
them for the inevitable increase in energy prices resulting from
the cap, and to favour the poor at the expense of the rich throughout
the very difficult period of transition to a sustainable economic
To administer such schemes, an independent
global climate trust is required.
Alternatively, or perhaps at a later stage,
the trust could be given a wider remit relating more generally to
lowering the concentration of global warming gases in the atmosphere,
which would include actions to halt the destruction of, and promote
the development of, carbon sinks whereby carbon dioxide is drawn
out of the atmosphere.