Venturing into Uncharted Financial Waters : an Essay on Climate-Friendly Finance

This paper explores links between global financial imbalances and tensions around reserve currency along with climate change. Currently, risky levels of private and public debts co-exist with vast amounts of savings which "do not know where to go." Long-term climate-oriented financial products could enhance investors' confidence in low carbon projects (LCP) and channel to them large amounts of private savings. The paper outlines a financial architecture, the cornerstone of which is an agreement on the Social Cost of Carbon (SCC) integrated into a project's appraisal and acting as a surrogate for a carbon price. This SCC would be the value of carbon certificates issued by the government, and delivered to Banks to issue credit facilities reducing the risk-adjusted costs of LCPs. These carbon certificates could be gradually transformed into legal reserve assets of the Banks after verification of the reality of the projects. Finally, the paper considers whether such certificates would be recognized as genuine international reserve assets, backed by the rising value of carbon over time. It shows how emerging countries could then diversify their foreign exchange reserves through an asset based on the international recognition of climate as a global public good.L'accord de Cancun reconnaît qu'en l'absence de prix du carbone, la finance climat est un outil décisif pour aligner les objectifs de développement sur des objectifs de décarbonation de l'économie. Une part conséquente de l'épargne mondiale devrait être redirigée vers les projets bas carbone (PBCs) pour éviter aux pays émergents de s'enfermer dans des trajectoires de développement intensives en carbone. Dans ce papier nous élaborons une architecture financière globale qui faciliterait à la fois la conclusion d'un large accord climatique entre les pays et une forte augmentation des flux de capitaux dédiés à la finance climat. Nous examinons d'abord les conditions nécessaires pour que la finance climat déclenche un cercle vertueux de confiance parmi les investisseurs. Puis nous montrons qu'un accord lors d'une future COP sur la " valeur sociale du carbone " (VSC) et la reconnaissance par les banques centrales d'un actif carbone (qui découle de la VSC) comme nouvelle réserve légale sont deux conditions clés pour produire un effet de levier sur l'investissement dans les PBCs. Nous tirons enfin les enseignements de la crise financière et expliquons pourquoi les mécanismes proposés ne pourront déployer leur pleine capacité que si le FMI est autorisé à reconnaître les actifs carbone comme de nouveaux actifs de réserve internationaux en contrepartie des PBCs réalisés par ses pays membres. En outre, cet instrument monétaire pourrait contribuer à apaiser les inquiétudes actuelles sur le futur immédiat de la croissance économique et celui de la stabilité des systèmes financiers et monétaires mondiaux

De las catacumbas a los últimos confines: violencia, sentido y representación en los periplos del martirio

En este trabajo propongo un análisis transversal de las figuras del mártir y del martirio. Recurriendo a la noción de mediación, en la primera parte analizo el rol protagónico de las representaciones del martirio en las prácticas de la memoria durante la segunda mitad del siglo XVI. Analizo algunas de las condiciones que contribuyeron a la emergencia de una "cultura del martirio" y el rol de las mediaciones en tal surgimiento. En la segunda parte, estudio la forma en que el (re)descubrimiento de las catacumbas romanas, abrió un campo de producción de sentido en torno a la figura del martirio. En la tercera parte, centrándome en la Compañía de Jesús, analizo algunas mediaciones a través de las cuáles las figuras del martirio transgredieron las fronteras de iglesias y conventos para proyectarse a los últimos confines en un mundo en plena expansión.Neste artigo proponho uma análise transversal das figuras do mártir e do martírio. Usando a noção de mediação, na primeira parte eu tento analisar o papel de liderança de representações de martírio em práticas de memória durante a segunda metade do século XVI. Eu analiso algumas das condições que contribuíram para o surgimento de uma "cultura do martírio" e o papel da mediação nesta emergência. Na segunda parte, eu estudo como a (re) descoberta das catacumbas romanas abriu um campo de produção de significados em torno da figura do martírio. Na terceira parte, com foco na Companhia de Jesus, analiso algumas mediações pelas quais as representações do martírio transgrediram as fronteiras de igrejas e conventos para se projetar nas fronteiras de um mundo em plena expansão mundial.This paper proposes a cross-sectional analysis of martyr and martyrdom. Through the notion of mediation, in the first part I analyze the leading role of representations of martyrdom in memory practices during the second half of the sixteenth century. I analyze some of the conditions that contributed to the emergence of a "martyrdom's culture" and the role of mediation in such emergence. The second part studies how the (re)discovery of the Roman catacombs encouraged the production of meanings around the figure of martyrdom. In the third part, focusing on the Society of Jesus, I analyze a few instances of mediation through which the figures of martyrdom transgressed the boundaries of churches and convents to project themselves to the last frontiers of a world in full expansion.Fil: Salamanca Villamizar, Carlos Arturo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin

Le Massacre fait à Sens en Bourgongne par la populace au mois d'avril 1562, avant qu'on prinst les armes : [estampe]

Référence bibliographique : Hennin, 48

Transition to a Low-Carbon society and sustainable economic recovery, a monetary-based financial device

Concept Note, CIRED-CEPII-CDC Climat-EP

What Social Cost of Carbon? A mapping of the Climate Debate

Given disparate beliefs about economic growth, technical change and damage caused by climate change, this paper starts with the seeming impossibility of determining a unique time profile of the social costs of carbon as a benchmark for climate negotiations and for infrastructure decisions that need to be made now in the absence of an inclusive international accord on climate policies. The paper demonstrates that determining a workable range of the social costs of carbon is however possible in a sequential decision-making framework that permits revising initial decisions in the light of new information. To do so, the paper exploits the results of a stochastic optimal control model run for more than 2000 scenarios that represent the set of beliefs presented about key uncertain parameters in the literature. The paper provides a heuristic mapping of the climate debate in the form of six “clubs of opinions” and shows the possibility of determining a range of social costs of carbon that might permit a compromise between the maximum range of “clubs” and those most likely to emerge in the future

Le Tournoy où le Roy Henry II fut blessé à mort, le dernier de juin 1559 : [estampe]

Référence bibliographique : Hennin, 401Référence bibliographique : Hennin, 40

La desroute du camp de M. les princes et la desfaite des Lansquenets à Moncontour le 3 octob. 1569 : [estampe]

Référence bibliographique : Hennin, 63

La desroute du camp de M. les princes et la desfaite des Lansquenets à Moncontour le 3 octob. 1569 : [estampe]

Référence bibliographique : Hennin, 63

La mercurialle tenue aux Augustins à Paris le 10 de juin 1559 où le Roy Henry 2 y fut en personne : [estampe]

Référence bibliographique : Hennin, 39

What Social Cost of Carbon ? A Mapping of the Climate Debate

Given disparate beliefs about economic growth, technical change and damage caused by climate change, this paper starts with the seeming impossibility of determining a unique time profile of the social costs of carbon as a benchmark for climate negotiations and for infrastructure decisions that need to be made now in the absence of an inclusive international accord on climate policies. The paper demonstrates that determining a workable range of the social costs of carbon is however possible in a sequential decision-making framework that permits revising initial decisions in the light of new information. To do so, the paper exploits the results of a stochastic optimal control model run for more than 2000 scenarios that represent the set of beliefs presented about key uncertain parameters in the literature. The paper provides a heuristic mapping of the climate debate in the form of six "clubs of opinions" and shows the possibility of determining a range of social costs of carbon that might permit a compromise between the maximum range of "clubs" and those most likely to emerge in the future. Available at SSRN: http://ssrn.com/abstract=2087456 or http://dx.doi.org/10.2139/ssrn.208745