Economic Growth Center Joins New Initiative for Climate Economics
The multi-institution collaboration will advance effective climate solutions rooted in sound economic data and principles
ECO launch at London Climate Action week, including COP30 President André Corrêa do Lago (fourth from left), and Yale’s Rohini Pande, Henry J. Heinz II Professor of Economics (third from right).
During a week of record heat across Europe, COP30 President André Corrêa do Lago launched the Economics of Climate Organization (ECO) at London Climate Action Week. The initiative unites working groups established at COP30 in Belém, Brazil, who are applying advances in economics, finance, and global climate policy to build scalable solutions that work for high- and low-income countries.
Rohini Pande, Henry J. Heinz II Professor of Economics and Director of the Economic Growth Center at Yale University is on the Executive Committee of ECO, which also includes experts from Columbia University, LSE, PUC-Rio, University of Chicago, and MIT. Pande, who previously chaired one of the COP30 working groups, explained the urgency behind the groups formation:
"Much of our failure to act fast enough on climate breakdown is due to the fact that we did not always get the economics right the first time. We have all experienced the unprecedented heatwaves this week. The case for getting the economics right, and getting it right now, has rarely been plainer. ECO is exactly the initiative this moment demands, and I hope it is the start of a much wider movement."
"The case for getting the economics right, and getting it right now, has rarely been plainer."
- Rohini Pande
With past global efforts often failing to deliver solutions, President Corrêa do Lago, a career diplomat himself, explained that the current state of global affairs has moved beyond political negotiations between governments, and requires intentional design of economic systems.
“How can we embolden all the actors that are not countries? And how can we involve them to find the solutions that governments — with their enormous limitations and obvious with financial challenges — are unable to find? We used to think that climate change was about negotiations. Now, it is about implementation.”
“We used to think that climate change was about negotiations. Now, it is about implementation.”
- President Corrêa do Lago
ECO’s members have already submitted plans outlining potential solutions rooted in economics, and continued their work in London. They brought together policymakers and subject matter experts in working sessions on building a more effective global carbon emissions financial architecture and transitioning away from fossil fuels. Corrêa do Lago underscored the importance of the work to come:
"Climate change is already reshaping lives, geopolitics, and the economy. ECO will bring together the brightest minds to oversee and guide the necessary transformations, ensuring they promote better quality of life, reduce inequalities, and improve governance."
The work will continue in the fall with Yale-organized events and working sessions at its New Haven campus and New York Climate Week.