I’ve been mulling over this problem ever since I finished this paper with Arvind Subramanian. We conclude that to deal with the climate change threat to human well-being and livelhoods as we know them today requires an extraordinary technological revolution – not just reducing carbon content but completely eliminating it, i.e. completely severing the link between burning fossil fuel and generating energy.
CGD Policy Blogs
Economists are fond of speaking about second best solutions so it was perhaps not surprising that my friend and former colleague Shahrokh Fardoust, one of three editors of a new World Bank volume on the G-20 development agenda, invoked this familiar idea in the face of a friendly but pointed critique of the G-20 by CGD/Peterson joint fellow Arvind Subramanian.
Reports of progress last weekend notwithstanding, the so-called currency wars—the reality and threat of competitive devaluations—are likely to continue to dominate the news about the upcoming Seoul G-20 Summit.
This posting is joint with Julia Barmeier
According to its website, the United Nations Educational, Scientific and Cultural Organization (UNESCO) has stopped accepting nominations for its UNESCO-Obiang Nguema Mbasogo International Prize for Research in the Life Sciences. But we are guessing that the applicant pool remains quite small. Frankly, who would want his or her name affiliated with one of Africa’s worst dictators? Besides UNESCO, that is.
My colleage Arvind Subramanian published an intriguing Op-Ed in the Financial Times this week. In “The Weak Renminbi is Not Just America’s Problem” Arvind notes that the undervalued Chinese currency is a global problem that requires a multilateral response. He then argues persuasively that neither the United States nor the IMF can be expected to persuade China to revalue its currency. Instead, he says, such action should come from the WTO.
Last week, Saurabh Shome and I reported that India’s proposed massive investments in clean power will cost about $50 billion more than generating the same power with coal.