This paper11Thanks for excellent research assistance for this paper to Emmanuel Carlsson. Valuable comments from Francisco Alpizar, Ashokankur Datta and an anonymous referee are gratefully acknowledged as is financial support from the Swedish International Development Cooperation Agency (Sida)...

Global climate change stands out from most environmental problems because it will span generations and force us to think in new ways about intergenerational fairness. It involves the delicate problem of complex coordination between countries on a truly global scale. As long as fossil fuels are...