Policy and Finance

Papers on climate and fiscal policy and on climate finance, written for finance ministries and development banks, in four sections. The modelling and analytics work is under Modelling and Analytics.

1. Carbon Pricing

Price production and consumption separately: a feebate on emissions intensity, a destination carbon tax through VAT, and recognition of both at the border.

• 1.1 Price Production and Consumption Separately
• 1.2 Feebates
• 1.3 Converting a VAT into a Destination Carbon Tax
• 1.4 Credit the Price Signal, Not the Payment
• The Right Policy at the Wrong Time (book)

2. Other Tax and Fiscal Policy

Tax rent, not effort: land and corporate taxes that hold up when capital and people can move.

• 2.1 Taxing Rent, Not Effort
• 2.2 Let Land Pay for the City
• Plucked! (book)

3. Finance and Risk

Make clean power an asset class: remove payment risk at source, then turn projects into standard securities.

• 3.1 Guarantee the Contract, Not the Debt
• 3.2 From Projects to Asset Classes
• Time and Chance (book)

4. Sovereign Incentives

Reward governments, not projects: guarantee capacity and held capital that pay for acting early.

• 4.1 Reward the Stock as Well as the Flow
• 4.2 The Climate Investment Trust
• 4.3 Codify Sustainability-Linked Sovereign Lending, Then Give It Scale
• Sustainability-Linked Intermediated Debt Instruments (SLIDIs) (earlier paper)