Should centimillionaires bear (most of) the burden of international climate finance?

Abstract

In the recent debate about who should provide international climate finance (ICF) to developing countries on concessional terms, some have argued that the ultra-rich should cover a significant proportion of the associated costs. This would apply regardless of the climate responsibilities or level of development of the countries in which the ultra-rich reside. In this article, I examine whether the rich-pay-for-ICF proposal aligns with any reasonable viewpoint on climate justice. To do so, I test the claim against a hybrid model of remedial responsibility for climate change that combines outcome responsibility and the ability to pay. I argue that the rich-pay-for-ICF proposal can be justified on normative grounds by distinguishing between the weighty and frivolous interests of emitters and investors, and by adopting a broad and objective view of equal sacrifice. Finally, I propose a global policy toolbox for implementing the rich-pay-for-ICF proposal in a manner consistent with the aforementioned hybrid model of responsibility.

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