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The case for a World Carbon Bank

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  • Rogoff, Kenneth

Abstract

This paper explores the idea of creating a new multilateral financial institution, a World Carbon Bank, to channel aid funds and technical expertise to low and middle-income countries, to aid with the green transition. A focused high-return first project could involve phasing out coal power plants and replacing with green alternatives. Coal accounts for 30% of global emissions. Many coal plants are located outside advanced economies and are relatively new. The costs of swapping them out is significant, and most poorer countries have little incentive or capacity to do so. WCB funds would be outright grants and not loans.

Suggested Citation

  • Rogoff, Kenneth, 2023. "The case for a World Carbon Bank," Journal of Policy Modeling, Elsevier, vol. 45(4), pages 693-701.
    • Handle: RePEc:eee:jpolmo:v:45:y:2023:i:4:p:693-701
    DOI: 10.1016/j.jpolmod.2023.07.009
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    References listed on IDEAS

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    1. Jeremy Bulow & Kenneth Rogoff, 2005. "Grants versus Loans for Development Banks," American Economic Review, American Economic Association, vol. 95(2), pages 393-397, May.
    2. Kenneth Rogoff, 2022. "Emerging Market Sovereign Debt in the Aftermath of the Pandemic," Journal of Economic Perspectives, American Economic Association, vol. 36(4), pages 147-166, Fall.
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