Why a Global Climate Trust?

It is clear from the latest science that we face a global climate emergency demanding very urgent action to reduce the concentration of global warming gases in the atmosphere. The current concentration of carbon dioxide in the Earth's atmosphere of over 380 ppm is extremely dangerous. Steps must be taken to reduce the concentration to 350 ppm at most as soon as possible.

One leg of the strategy to do this is to progressively reduce the emissions of carbon dioxide into the atmosphere from the burning of fossil fuels and other industrial processes. The simplest way to do this, and at the same time advance social justice, is by means of a global Cap and Dividend or Cap and Share scheme. Under these schemes a global cap is put on the introduction of fossil fuels into the economy, companies wishing to introduce the fuels must purchase a permit to do so and pay a full market price for the permit. The proceeds of the sale of permits are received by, or applied for the benefit of, all adults in the world equally, to compensate them for the inevitable increase in energy prices resulting from the cap, and to favour the poor at the expense of the rich throughout the very difficult period of transition to a sustainable economic order.

To administer such schemes, an independent global climate trust is required.

Alternatively, or perhaps at a later stage, the trust could be given a wider remit relating more generally to lowering the concentration of global warming gases in the atmosphere, which would include actions to halt the destruction of, and promote the development of, carbon sinks whereby carbon dioxide is drawn out of the atmosphere.