Summary

For much of the climate-policy era, national self-interest and climate action could plausibly point in different directions. A country could let others spend more on emissions reductions while continuing to use familiar coal, oil and gas infrastructure at home. When the low-carbon alternatives were expensive, limited or immature, that could look economically rational even if it imposed climate costs on everyone else. The choices available in 2026 are different enough that the old calculation deserves another look.

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