A Bretton Woods for the Climate
On July 1, 1944, leaders of the Allied countries met in Bretton Woods, New Hampshire, to create new global institutions, the IMF and the World Bank, that would stand the test of time. 55 years later world leaders met in Copenhagen to solve the global issue of climate change. This time the meeting ended in almost total failure. Why? This book argues that the main problem is the lack of strong institutions. Instead of trying to make 190 nations reach consensus, the 13 top emitters should create a Major Emitters Forum. A World Climate Organisation could link world emissions markets and create an exchange rate that would allow outsiders to plug in. Institutions for linking, funding and sanctioning would give climate negotiations a fresh start.