Sott Morrison probably isn’t particularly familiar with the Nobel prize-winning economist William Nordhaus. But if he were, the Prime Minister might find a place for the US sage of climate economics on his political dartboard.
It was Nordhaus who in 2015 coined the term “climate club”. He envisaged a group of countries, sharing an ambitious emissions-reduction program, that would slap tariffs on dirty outsiders to stop them free-riding on all the club’s hard work.
The idea has been in circulation ever since. Suddenly, though, it’s hard currency. In the corridors of Brussels, bureaucrats are now metaphorically measuring up the climate club’s curtains and writing the rules of membership.