I have my own ideas about how best to tackle climate change, and they don't necessarily entail cutting back on greenhouse gas emissions but, accepting that such cutbacks have become almost the sole focus of our climate change activity, the gap between rhetoric and reality is spectacular:
Despite all the disasters, all the models, and all the conferences, in 2022 there were at least 119 oil pipelines in development around the world, plus 447 gas pipelines, 300 gas terminals, 432 new coal mines, and 485 new coal power plants. As the historian of science Jean-Baptiste Fressoz showed in his recent book More and More and More, despite the vast quantities of talk and money invested in producing a technological “energy transition,” last year the world burned more coal and more wood than ever before. Trevor Jackson, How to blow up a planet, New York Review of Books, dated 25 September 2025
Sadly, there are parallels in other concerns of great importance to humanity.
Tong Zhao, writes in the Economist:
China’s silence about the ultimate size and purposes of its nuclear forces feeds fears of a doctrinal shift from pure deterrence towards a willingness to consider the first use of nuclear weapons. American strategists feel compelled to map detailed nuclear-war scenarios between the two countries—ranging from limited regional exchanges to all-out homeland strikes. This, in turn, is likely to push China towards more advanced nuclear-warfighting preparations. Even if deterrence never fails and luck never runs out, the process ensures an unwinnable arms race. Tong Zhao, China should not fuel an arms race, says a close watcher of its nuclear policy, the Economist, 3 September 2025
The common theme is our utter incapacity to solve these huge, urgent threats to our existence, despite the myriad conferences, agreements, national and supranational bodies, philanthropic and non-governmental organisations whose sole remit is to ensure that we don't blow up the planet. Our institutions and so-called leaders can get away with failing us in this way because there's no accountability. They are good at dreaming up lofty, superficially attractive goals, such as limiting world temperature increases; and the US can spend 1.5 trillion dollars (over 30 years) to maintain its nuclear arsenal so that it can 'field a credible deterrent that can deter, and, if necessary, defeat, adversary aggression and nuclear coercion.' But there is no mechanism or incentive to convert pledges to reduce greenhouse gases (let alone, deal with climate change) or to deter nuclear aggression into their actual fulfilment.
My suggestion is that we have broad, meaningful targets, and reward people for achieving them. Most people don't care about greenhouse gas emissions. We care a little more about the composition of the atmosphere, and much more about the climate's impact on human, animal and plant life. It is those impacts that we need to target for reduction, not the alleged means of reducing them. Similarly, we are paying people - extravagantly - to play around with their nuclear warfare scenarios and to build ever more nuclear weapons, rather than rewarding people to ensure nuclear peace. In both cases there is a mismatch between what our bureaucracies do with our money, and our real wishes and needs.
A Social Policy Bond regime would be different. It would start by identifying those real needs, expressing them in explicit, transparent, verifiable terms. So, rather than target climate change by focusing almost exclusively on greenhouse gas emissions, we'd identify exactly what outcomes we trying to achieve. These would probably be an array of physical, biological, social and monetary targets, all of which would have to fall within a specified range for a sustained period before people would be rewarded for achieving them. And our goal with nuclear weapons is to ensure that none of them are ever used. It is sustained peace that we should be rewarding; probably all of the 51 peace-building think-tanks and relevant committees in the United Nations and elsewhere are staffed by dedicated, hard-working employees and do some useful work, but there is no system in place to reward them in ways linked to their success or otherwise in ensuring peace. The issue is not (only) about raising their salaries, but about giving efficient bodies more resources for their most promising and successful approaches. Identification of clear, verifiable and meaningful outcomes is the essential first step in a Social Policy Bond regime. Channeling the market's incentives and efficiencies into achieving these outcomes is the next step.
For more about Climate Stability Bonds, see here. For more about applying the Social Policy Bond idea to conflict reduction, see here. To read or buy my recent short book about World Peace Bonds, see here.