Climate Bretton Woods: Rewriting Global Rules

Bretton Woods created rules that made international economic cooperation durable, while climate diplomacy has produced ambitious targets without comparable architecture. A carbon currency could change that by rewarding participation and making non-participation costly at the border, rather than relying on goodwill. New formal analysis suggests that once a coalition reaches critical mass, cooperation becomes self-reinforcing and can withstand far greater political pressure, opening a path towards a new climate order.