The OECD’s projected cumulative emissions of greenhouse gases from today until the year 2100 is 616.2 billion metric tons of CO2e, compared to 2,734 billion metric tons for the rest of the world - 82% of the total. (Larsen et al, Rhodium Group, 2024: https://climateoutlook.rhg.com/reports/rhodium-climate-outlook-2024-probabilistic-global-emissions-and-energy-projections)
The domestic net benefits of emissions reductions vary substantially across countries because of differences in income levels and exposure to climate risk.
In the absence of incentives from developed countries, developing countries will not reduce their emissions substantially in places where the private costs of fossil fuels remain meaningfully lower than those of zero-carbon fuels.
Providing incentives for developing countries to reduce their emissions through penalties (such as a carbon border adjustment mechanism or carbon club) is substantially less effective than providing equivalent incentives through subsidies (such as payments for climate damages in exchange for emissions reductions).
A substantial loss of Federal Reserve independence would substantially increase the overall nominal cost of U.S. government borrowing.
A substantial loss of Federal Reserve independence would substantially raise risk premia on long-term U.S. government debt.
