After twenty years of global negotiations, the world is still far from a comprehensive climate agreement. The "top-down" approach embodied by the Kyoto Protocol has all but stalled, chiefly due to disagreements over levels of ambition and objections to financial transfers. To avoid those...

Concerns about fairness among countries remain significant obstacles to a stronger global climate treaty. This paper addresses the distributional implications of two mechanisms to strengthen the Paris Agreement: the incorporation of national carbon pricing, and the tightening of nationally...