Carbon budgets are a useful way to frame the climate mitigation challenge and much easier to agree upon than the allocation of emissions. We propose a mechanism with countries agreeing on the global carbon budget, while the decision to emit is decentralized at the country level. The revenue is...

Mankind must cooperate to reduce greenhouse gas (GHG) emissions to prevent a catastrophic rise in global temperature, with its concomitant effects on sea level, rainfall, drought, storms, agricultural production, and human migration. What is the appropriate way of evaluating how the costs of...

Human-generated greenhouse gas emissions imperil a global resource: a biosphere capable of supporting life as we know it. What is the fair way to share this scarce resource across present and future generations and across regions of the world? This study offers a new perspective based on the...