The Ethical Risks of a Future-Saddling, Present-Sparing World Climate Bank

Abstract

John Broome and Duncan Foley argue that future generations should shoulder the full burden of climate mitigation. To achieve this, they propose that economists design a new institution they dub “the World Climate Bank.” Their argument appeals primarily to self-interest and to the idea of making a Pareto improvement that delivers “efficiency without sacrifice.” This article argues against their strategy on both ethical and pragmatic grounds. In general, “making the grandchildren pay” poses a serious threat to future generations and humanity’s progress. What is needed is a “Climate Justice World Bank” that respects principles of global and intergenerational ethics.