彼得森经济研究所-全球经济治理与应对气候变化（英）

1750 Massachusetts Avenue, NW | Washington, DC 20036-1903 USA | +1.202.328.9000 | www.piie.comWORKING PAPERCullen S. Hendrix is senior fellow at the Peterson Institute for International Economics, nonresident senior research fellow at the Center for Climate & Security, and fellow at the Payne Institute at the Colorado School of Mines.25-17 Global Economic Governance and the Fight against Climate ChangeCullen S. HendrixJuly 2025ABSTRACTThe institutions of global economic governance—the World Trade Organization, the International Monetary Fund, and the World Bank Group—face unprecedented challenges at a time when global efforts to mitigate and adapt to climate change are faltering. Rising economic nationalism, resurgent great power competition, and climate-skeptic populism in high-income democracies are undermining the ability of these institutions to coordinate around climate solutions. Facing these pressures, regional and plurilateral arrangements will be increasingly important for providing paths forward. This paper explores the concept of “tied aid” as a means of meeting the global South’s need for large transfers in a context of increasing economic nationalism. It also highlights the pivotal role of countries other than the United States and China in sustaining and reforming global governance in a multipolar world. Although not first-best solutions, these approaches may be the most politically feasible strategies for advancing global climate mitigation, adaptation, and finance in the near future.JEL Classifications: F53, Q54, F51, O19 Keywords: Climate Change, Economic Nationalism, Climate Finance, Plurilateralism, Geoeconomics, Energy Note: Version of the chapter originally published in Spanish and written for El Club Español de la Energía’s publication “Energy and Geostrategy 2025.” Republished in English with permission. The author thanks Olivier Blanchard, Kimberly Clausing, Ana Belén Padilla, and Alan Wolff for comments on earlier drafts.2 WP 25-17 | JULY 2025INTRODUCTIONThe fight to mitigate climate change is at a crossroads. Buoyed by major economies’ industrial policies, renewable energy installations surged in the past two years—and even faster deployment is anticipated in the next five (IEA 2024). The world’s largest greenhouse gas (GHG) emitter, China, has deployed solar and wind energy at a shocking pace and driven down production costs for key renewable technologies. The second-largest GHG emitter, the United States, is experiencing a massive green energy manufacturing boom, catalyzed by the Infrastructure, Investment and Jobs and Inflation Reduction Acts. Prices have come down for critical minerals such as lithium, nickel, and graphite, which underpin the storage of renewable energy and the production of electric vehicles (EVs), reducing production costs. In 2023, emissions in high-income economies fell to their lowest point since 1973, despite being three times larger than they had been 50 years earlier. The European Un