This paper examines leadership in relation to supplying a global public good. Both the Kyoto Protocol and the Paris Agreement encourage the developed countries to take a lead in reducing emissions. Does a country benefit from taking a lead? When does leadership improve global welfare? The answer...

Global scientific assessments increasingly reach the conclusion that transformative change of global production and consumption systems is necessary to safeguard and maintain global commons, such as biodiversity, natural forests and the ocean, and to stabilise climate at the global scale....