US climate envoy John Kerry has two big challenges on his hands. First, developing countries still burn a lot of fossil fuels to make electricity. Second — as UK taxpayers may soon find out — governments do not have a lot of money going spare.
Kerry is set to propose a voluntary scheme for big companies to fund the decarbonisation of power systems in the developing world. That would make political and economic sense.
There is a cost curve to global emissions. Phasing out coal or increasing renewables in countries which are sunny is cheaper per tonne of CO₂ than adding more solar to cloudy Germany’s power grid. And that is before we get on to the really expensive stuff, like installing heat pumps.
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