Cramton, Peter, Axel Ockenfels and Jean Tirole. Forthcoming. “Translating the collective climate goal into a common commitment.” Review of Environmental Economics and Policy.

COP21 in Paris formulated a global climate goal: warming should stay “well below 2°C” and by 2050 the world should no longer produce net greenhouse gas emissions. This is important progress. But only if the collective goal will be translated into a common climate commitment. Otherwise, the collective goal may obscure the true nature of the problem, and delay or prevent a solution.