Climate clubs and positive carbon pricing for a Low-Carbon Bretton Woods

If global average temperature rise is to be limited to 2°C or even 1.5°C below pre-industrial levels this century, we require a paradigm shift in the way we value and exchange mitigations of Greenhouse Gas Emissions (GHGs). Positive carbon pricing shifts the focus from the cost of GHG emissions to the value of mitigating GHG emissions. We hereby propose a climate club governance arrangement based on Article 6 of the Paris Agreement as well as a robust accounting system to create a positive carbon pricing environment. It provides a starting point for modular, scalable and inclusive climate governance arrangements for environmental and social value creation.