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Why reducing global emissions is important

Raghuram G. Rajan
Raghuram G. Rajan6/4/2021 7:0 AM GMT+08  • 6 min read
Why reducing global emissions is important
To save the world, countries that emit less than the global per capita average should get a carbon incentive, says Raghuram Rajan.
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Photo: Bloomberg

With President Joe Biden’s administration recommitting the US to the Paris climate agreement and with a major United Nations climate-change conference (COP26) coming later this year, there is new hope for meaningful global policies to meet the challenge.

But while mounting evidence of increasing climate volatility — unprecedented wildfires in Australia, droughts in California and Sub-Saharan Africa, intensifying hurricane and cyclone seasons — suggests that we must move fast in curbing planet-warming greenhouse-gas (GHG) emissions, there are serious impediments to concluding any new global accord.

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