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Sovereign Wealth Funds and Long-Term Investing$
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Joseph Stiglitz, Patrick Bolton, and Frederic Samama

Print publication date: 2011

Print ISBN-13: 9780231158633

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231158633.001.0001

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PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 19 October 2019

The Rise of Carbon-Free Technology

The Rise of Carbon-Free Technology

Chapter:
The Rise of Carbon-Free Technology
Source:
Sovereign Wealth Funds and Long-Term Investing
Author(s):

Roger Guesnerie

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231158633.003.0038

Climate change is becoming a momentous threat and challenge, demanding a coordinated and massive response from governments and business. There are currently measures in place in various countries that set a price for carbon emissions following one of two methods: cap and trade or a carbon tax system. But there are numerous difficulties to be confronted when implementing measures for pricing carbon emissions, such as volatile cost of carbon emission permits for cap-and-trade systems and a lack of coordination among countries on carbon tax implementation. To make a real difference in reversing climate change, we need to not only implement measures on pricing carbon emissions but also significantly reduce dependence on fossil fuels, which can only be obtained through technological progress and the development of renewable energy. This chapter proposes the creation of a dedicated International Green Fund (IGF) governed by SWFs and other long-term investors, managed by specialists in green infrastructure investments, and assisted by renewable energy scientists and engineers. Involving all the relevant stakeholders, such a fund would not only provide funding for green investments, it would also facilitate global coordination of R&D in renewable energy technologies and provide scientific and technical expertise to governments.

Keywords:   climate change policy, environment policy, carbon emissions pricing, sovereign wealth funds, SWF, International Green Fund

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