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A Bretton Woods for the Climate: Fores Propose Reformed Institutions of Climate (Second Edition)
In a new book from the think tank Fores, the suggestion is that the world’s largest emitters constitute a separate forum for climate negotiations, supported by institutions as strong as the IMF and World Bank. In addition, its sketch up an exchange rate system for the price of carbon to create a global emissions trading.
The book A Bretton Woods for the Climate is written after the Copenhagen meeting of the Fores employees Jakob Rutqvist, Martin Ådahl and Daniel Engstrom. On the last day of the COP15, Fores launched in Dagens Nyheter their ideas on a more condensed format for the climate negotiations.
— Today’s negotiating model with endless diplomatic procrastination has completely stalled. We have tried to sketch out a new structure, so concrete and straightforward as possible. The key is strong institutions, something similar to the IMF and World Bank, that can handle the global economic issue of climate. The diplomats will then have the possibility to concentrate on the principles. Hence, they can delegate details and operation to experts and economists. Featured UNFCCC and IPCC is not enough at all, says CEO Martin Fores Ådahl who is a co-author of the book.
— There must be a way for those that do not directly enter the global climate agreement to still be indirectly connected with its emission market and to an exchange rate and begin to converge.
The Paper proposed framework take shape from that the Bretton Woods institutions have been built up.
The 13 largest emission schemes, including the EU, forming a Major Emitters Forum (MEF), where climate targets are set and decided.
A new global body, the WCO (World Climate Organization) monitors which the targets are and that a global custom trading works. WCO also supplied with the tools to penalize those states that have signed the agreement but that does not live up to their commitments.
Funding for adaptation and mitigation projects are from the green fund already established at the global level.
By GACT (General Agreement on Tariffs Carbon) the possibilities are given, as a last resort, to impose trade restrictions against countries that are not willing to act in accordance with the MEF Agreement.
— We want to see a workable global emissions trading in place as soon as possible, backed by powerful climate, which is a prerequisite for effectively and rapidly reduce emissions. In addition to directly link the local and regional trading arrangements, such as the EU and a future America, we also propose the establishment of a global rate of emissions. It is essentially used to in a flexible way to make different types of compatible system and to create incentives for strong measures, “says Jakob Rutqvist, former Environment Director of Fores and also one of the co-authors.
— We hope, above all, that we get attention for our proposals to create a new forum where the greatest emitters were given the mandate to resolve most of the questions. There is a tradition of similar “minilateralism” in the UN system, such as the Security Council. As was the case with the world economy in the conference in Bretton Woods when it took place in 1944. This challenge requires that those who are responsible will take responsibility for the establishment of strong institutions that will drive and monitor developments, says Daniel Engstrom, coordinator of Fores and the third co-author of A Bretton woods för the Climate
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