Please note that this discussion paper was updated in April 2024. The updated version, and a video of its launch, can be found here.
This discussion paper features a proposal by Feasta’s Climate Group for phasing out fossil fuels globally while supporting climate justice and providing significant climate finance to the Global South. It builds on the Cap and Share concept, which returns proceeds from selling permits under a cap on fossil fuel extraction and imports to people as a climate dividend.
The 2022 report of the IPCC’s Working Group II mentions Cap and Share* as an example of a policy mechanism that is rooted in the precautionary principle, reflecting the need to guarantee that significant emissions reduction will take place.
Our new paper describes how such a program can start with a few countries and scale up. It would significantly progress the goals of the Fossil Fuel Non-Proliferation Treaty, and provide a framework for expanding and enlarging the scope of the Beyond Oil and Gas Alliance (BOGA) so as to further the development of CapGlobalCarbon, which is a global approach to phasing out fossil fuel.
Download the paper (pdf, 2MB)
On October 6 2022 we held an online launch event for the paper. The event featured an introduction by Mike Sandler and a brief presentation of the paper by its author, Caroline Whyte, followed by some reactions from panelists, and an open discussion.The video is below.
Panelists included:
Laura Bannister, the Campaign Director of World Basic Income, a radical campaign organisation that works for global and climate justice. She has a Masters degree in political economy with research focused on global inequality and the potential for a global minimum wage.
Stan Cox, the Research Fellow for Ecosphere Studies at the Land Institute, based in Salina, Kansas. He is the author of six books, including ‘The Green New Deal and Beyond: Ending the Climate Emergency While We Still Can’ and ‘Any Way You Slice It: The Past, Present, and Future of Rationing’.
Susana Martín Belmonte, an Economist, Researcher and Monetary Innovator advocating for a more fair and sustainable monetary and financial system. She is based in the Barcelona area and is currently working with REVO and Positive Money Europe on the Unlock campaign.
This event was first in a planned series to be hosted in partnership with World Basic Income.
The paper that was launched in this event was updated and expanded in April 2024. You can view the video from the launch of the update here.
* ‘Impacts, Adaptation and Vulnerability’, 2022, IPCC Working Group III, Chapter 1, p68
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