A central commitment of action on climate is the promise of “developed countries” to jointly mobilize $100 billion of climate finance per year by 2020 (and through to 2025). How does this promise—which developed countries have so far failed to reach—compare to the actual cost of the damage caused by their emissions? Today we publish a paper that answers that question by estimating the liability each country bears for the costs of damage caused by carbon emissions to date. We limit this liability with two assumptions. First, we only count damage from when international awareness of climate issues grew. Second, we reduce the cost applied to older emissions. These limitations are arguably conservative—and we consider other scenarios in the paper.
CGD Policy Blogs
CGD’s Ian Mitchell joins Gyude to discuss the newest edition of the Commitment to Development Index, which ranks 40 of the world’s most powerful countries on policies that affect more than 5bn people in poorer nations. How do Africa’s development partners rank?
Recent extreme weather events in the US, Canada, Europe and beyond have shown the high-income countries how vulnerable it is to climate change—a feeling that lower- and middle-income countries have known for years. Germany’s actions over the past decade on climate finance have established it as a leader with climate negotiations and commitments on climate finance at a critical moment.
The new foreign secretary, Liz Truss, will meet with the chancellor in the coming weeks to determine her department’s budget over the coming three years. If the chancellor maintains his current stance on counting aid spend even where it has no fiscal cost, and also treating the aid target as a ceiling rather than a floor, it would be like the tail wagging the dog,* with the Chancellor’s stance on the aid target (the tail in this case) directing the UK’s international approach (the much-weightier dog) instead of vice versa, as one would hope. And it could also mean the foreign secretary would have to implement a third round of cuts in UK aid in spring 2022.
Today, we publish the 2021 Commitment to Development Index (CDI), which tracks powerful countries’ policy efforts on development across eight important areas, from development finance to migration. One of the CDI’s focal areas is the environment, which matters for everyone but is especially critical to people in lower-income countries. In a key year for climate negotiations, the CDI can tell us which countries are doing well on policies to protect the environment and which have room for improvement.
Today we launch the Commitment to Development Index 2021 measuring the policy efforts of 40 major economies in supporting development in other countries. The CDI focuses on the development spillover effects of policies in eight component areas: development finance, investment, migration, trade, environment, health, security, and technology. Scores can be “income adjusted” to show how countries perform compared to an expected score based on their income. CGD’s been producing the CDI since 2003, and it remains unique.
This blog post was originally published by Brink News, and has been updated with a fuller chart of carbon pricing.
In this blog, we draw on our newly published Finance for International Development (FID) measure, using the most up-to-date data now available (from 2018) to give an idea of the baseline efforts of the G20. We hope ministers and officials will use this information in considering the level of their and others’ financial commitments (given their income levels) and encourage a step up from the laggards—most obviously Argentina, Australia, Canada, Italy, Mexico, Russia, South Korea, and the United States.