A provocative way to finance the fight against climate change | Michael Metcalfe
63,632 views ・ 2016-05-23
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譯者: 易帆 余
審譯者: Lydia Yu
00:13
Will we do whatever it takes
to tackle climate change?
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我們是否會「不計代價」
地對抗氣候變遷?
00:19
I come at this question
not as a green campaigner,
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我提出這個問題,
不是因為我是環保人士,
00:22
in fact, I confess to be rather
hopeless at recycling.
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坦白說,我對垃圾回收
不報太大的希望。
00:25
I come at it as a professional observer
of financial policy making
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我是以一位專業財經政策制定
觀察家的身分,提出這個問題,
00:30
and someone that wonders
how history will judge us.
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也是一位想知道歷史將
如何評價我們的人。
00:36
One day,
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總有一天,
00:37
this ring that belonged to my grandfather
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這只屬於我爺爺的戒指,
00:41
will pass to my son, Charlie.
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也會傳承到我兒子查理手上。
00:44
And I wonder what his generation
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而我在想,他的時代,
00:46
and perhaps the one that follows
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或他的下一代,
00:49
will make of the two lives
this ring has worked.
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會如何因為我和爺爺的
所做所為而改變?
00:54
My grandfather was a coal miner.
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我的爺爺是一位煤礦礦工。
00:58
In his time,
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在他的年代,
01:00
burning fossil fuels for energy
and for allowing economies to develop
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為了能源及經濟發展,
燃燒石化燃料的行為
01:05
was accepted.
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是被广泛接受的。
01:07
We know now that that is not the case
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現在大家都知道,
事實並非如此,
01:10
because of the greenhouse
gases that coal produces.
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因為燒煤會產生溫室
氣體。
01:15
But today,
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但,如今,
01:16
I fear it's the industry in which I work
that will be judged more harshly
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我擔心我所工作的產業
將來會因為
它沒有發揮對氣候變化的影響力
而遭受嚴厲地批判,
01:20
because of its impact on the climate --
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01:23
more harshly than
my grandfather's industry, even.
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甚至被批判得
比我爺爺的產業還慘。
01:26
I work, of course,
in the banking industry,
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當然,我從事的是銀行業,
01:28
which will be remembered
for its crisis in 2008 --
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而2008年銀行業所經歷的的金融危機
已然被載入史冊--
01:33
a crisis that diverted the attention
and finances of governments
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正因为這個危機,政府轉移了
注意力與財政方向,
01:38
away from some really, really
important promises,
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讓一些原本相當,相當
重要的承諾都被忽視了,
01:44
like promises made at the Copenhagen
Climate Summit in 2009
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例如 2009 年在哥本哈根
聯合國的氣候大會上
01:49
to mobilize 100 billion dollars a year
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承諾每年要動用 的1000 億美金,
01:52
to help developing countries
move away from burning fossil fuels
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以幫助發展中國家
慢慢從燃燒石化燃料
01:56
and transition to using cleaner energy.
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轉型到使用乾淨的能源。
02:00
That promise is already in jeopardy.
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這個承諾已經陷入危機。
02:03
And that's a real problem,
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而這是一個現實的問題,
02:05
because that transition
to cleaner energy needs to happen
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因為轉型到乾淨能源的這件事,
02:08
sooner rather than later.
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需要盡早進行
而不能再拖延下去。
02:11
Firstly,
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首先,
02:12
because greenhouse gases, once released,
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因為,溫室氣體一旦排放出來,
02:14
stay in the atmosphere for decades.
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它會停留在大氣層中好幾十年。
02:17
And secondly,
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第二,
02:18
if a developing economy builds
its power grid around fossil fuels today,
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如果今天一個發展中的經濟體,一旦
建立了他們自己的石化燃料能源網路,
02:24
it's going to be way more costly
to change later on.
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之後想要改回來,
就得花更多的成本。
02:28
So for the climate,
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所以,對氣候而言,
02:30
history may judge
that the banking crisis happened
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歷史也許會評斷
我們的金融危機
只是發生的不是時候。
02:34
at just the wrong time.
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02:36
The story need not be this gloomy, though.
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其實故事不需要這麼淒慘的。
02:41
Three years ago,
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三年前,
02:43
I argued that governments
could use the tools
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我曾提出言論說過,
政府可以善用工具
02:46
deployed to save the financial system
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拯救金融系統,
02:49
to meet other global challenges.
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來迎接其它的全球挑戰。
02:51
And these arguments are getting
stronger, not weaker, with time.
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而這些言論隨著時間,
越來越強烈,越來越受到重視。
02:58
Let's take a brief reminder
of what those tools looked like.
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讓我們稍微回憶一下,
這些工具是長什麼樣子。
03:03
When the financial crisis hit in 2008,
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當 2008 年的金融風暴來襲時,
03:06
the central banks of the US and UK
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美國及英國的中央銀行,
03:09
began buying bonds issued
by their own governments
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開始購買他們自己政府
所發行的債劵,
03:12
in a policy known
as "quantitative easing."
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也就是大家所孰知的
「量化寬鬆 」政策。
03:15
Depending on what happens
to those bonds when they mature,
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當這些債劵到期時,看看當時的狀況,
再決定要不要繼續,
03:19
this is money printing by another name.
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這只是另一種印錢的名義而已。
03:22
And boy, did they print.
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而且天哪,他們真的印了。
03:24
The US alone created four trillion
dollars' worth of its own currency.
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光美國就印了將近四兆美金。
03:29
This was not done in isolation.
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這不是單一國家做的事。
03:31
In a remarkable act of cooperation,
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而是由 188 個會員國共同組成的
03:34
the 188 countries that make up
the International Monetary Fund, the IMF,
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國際貨幣基金組織 IMF
所做出的決定,
03:38
agreed to issue 250 billion
dollars' worth of their own currency --
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他們同意發行 2500 億美金
等值的貨幣,
03:42
the Special Drawing Right --
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--也就是SDR「特別提款權」--
03:45
to boost reserves around the world.
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來增加全球的貨幣儲備供給。
03:47
When the financial crisis moved to Europe,
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當金融風暴移到歐洲後,
03:51
the European Central Bank
President, Mario Draghi,
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歐洲中央銀行行長,
馬里奧.德拉吉,
03:55
promised "to do whatever it takes."
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也承諾要「不計代價」地
拯救金融市場。
03:59
And they did.
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而他們真的做到了。
04:01
The Bank of Japan repeated those words --
that exact same commitment --
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日本銀行也重複一樣的話
--完全一樣的承諾--
04:06
to do "whatever it takes"
to reflate their economy.
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「不計代價」地
要復甦他們的經濟。
04:11
In both cases,
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這兩個案例中,
04:13
"whatever it takes" meant
trillions of dollars more
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「不計代價」就意味著,
這些好幾十億的印鈔票政策,
04:17
in money-printing policies
that continue today.
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會一直跟著我們走到今天。
04:21
What this shows
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這表示,
04:23
is that when faced
with some global challenges,
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當面對一些全球性的挑戰時,
04:28
policy makers are able to act
collectively, with urgency,
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政策制定者們也會
緊急、共同地做出一些
04:32
and run the risks of unconventional
policies like money printing.
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非傳統式的高風險決策,
像是印鈔票。
04:39
So, let's go back
to that original question:
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所以,讓我們回到原來的問題上:
04:45
Can we print money for climate finance?
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我們可以為氣候的
金融印鈔票嗎?
04:49
Three years ago,
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三年前,
04:50
the idea of using money in this way
was something of a taboo.
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我們這樣用錢的方式
是一種不被允許的禁忌。
04:54
Once you break down and dismantle the idea
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一旦你破壞了
04:57
that money is a finite resource,
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「錢是有限資源」的原則,
05:00
governments can quickly get overwhelmed
by demands from their people
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接踵而来的民众诉求
将会迫使政府在各个方面印更多的钱,
05:05
to print more and more
money for other causes:
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05:08
education, health care, welfare --
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比如教育、醫療照顧、社會福利--
05:10
even defense.
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甚至是國防。
05:12
And there are some truly terrible
historical examples of money printing --
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而這樣的印錢方式,的確有
可怕的歷史案例可以借鑒
05:17
uncontrolled money printing --
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--失控的鈔票列印--
05:20
leading to hyperinflation.
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會導致通貨膨脹。
05:22
Think: Weimar Republic in 1930;
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想想:1930 年的
威瑪共和國;
05:26
Zimbabwe more recently, in 2008,
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近代 2008 年的辛巴威,
05:29
when the prices of basic goods
like bread are doubling every day.
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當時一些基本生活用品,
像是麵包,每天加倍地上漲。
05:34
But all of this is moving
the public debate forward,
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但這些所有事情的發展
推進了公開辯論的腳步,
05:39
so much so, that money printing
for the people is now discussed openly
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因此,為人民印錢,
現在已經可以公開地被討論,
05:45
in the financial media, and even
in some political manifestos.
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無論財經媒體,甚至一些
政黨的政策裡面都看得到。
05:50
But it's important the debate
doesn't stop here,
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但很重要的一點是,
05:52
with printing national currencies.
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列印國際貨幣的爭論
不會就此停止,
05:57
Because climate change
is a shared global problem,
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因為氣候變遷是一個
全球共同的問題,
06:01
there are some really compelling reasons
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這也是為什麼
06:04
why we should be printing
that international currency
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我們必須請 IMF
發行國際貨幣來資助這件事,
06:08
that's issued by the IMF,
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06:10
to fund it.
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其實也是萬不得已的。
06:11
The Special Drawing Right, or SDR,
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「特別提款權」也就是 SDR,
06:15
is the IMF's electronic unit of account
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是 IMF 的電子記帳單位,
06:18
that governments use to transfer
funds amongst each other.
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用來方便政府之間
帳戶金額的移轉。
06:23
Think of it as a peer-to-peer
payment network,
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想像一下,它就是
P2P 的網路付款方式,
06:26
like Bitcoin, but for governments.
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像是比特幣,但,是政府之間在用的。
06:30
And it's truly global.
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而且,它真的是全球性的。
06:33
Each of the 188 members
of the IMF hold SDR quotas
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188 個 IMF 會員國手上
都握有 SDR 的配額,
06:38
as part of their foreign
exchange reserves.
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做為他們部分的外匯存底。
06:41
These are national stores of wealth
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這些是國際財富的儲藏室,
06:44
that countries keep to protect
themselves against currency crises.
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它可以讓國家持續保護
它們自己免於貨幣的危機。
06:48
And that global nature is why,
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而這也是為什麼
06:51
at the height of the financial
crisis in 2009,
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在 2009 年金融海嘯的最高峰,
06:55
the IMF issued those extra
250 billion dollars --
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IMF 又加碼多印了 2500 億美金--
06:59
because it served
as a collective global action
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因為這次集體的全球行動,
07:02
that safeguarded countries
large and small in one fell swoop.
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把大大小小的國家,
全部一次性地保護起來。
07:09
But here --
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但這裡有一個
07:10
here's the intriguing part.
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很耐人尋味的地方。
07:13
More than half of those extra SDRs
that were printed in 2009 --
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2009年,有超過半數的 SDRs
07:18
150 billion dollars' worth --
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--價值1500億美金--
07:20
went to developed market countries
who, for the most part,
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跑到已開發國家的市場裏面,
07:24
have a modest need
for these foreign exchange reserves,
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因為大部分這些國家的外匯存底
都有一個小小的需求,
07:27
because they have flexible exchange rates.
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它們需要較靈活的交換利率。
07:30
So those extra reserves
that were printed in 2009,
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所以,這些 2009 年印出來的鈔票,
07:34
in the end, for developed
market countries at least,
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最後跑到已開發國家市場了,
07:38
weren't really needed.
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但他們根本不是真的需要這筆錢。
07:40
And they remain unused today.
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所以他們保留到今天。
07:43
So here's an idea.
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我這裡有一個想法。
07:45
As a first step,
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第一步,
07:47
why don't we start
spending those unused,
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為什麼我們不把這些
在 2009 年多印出來
還沒有使用的鈔票,
07:50
those extra SDRs
that were printed in 2009,
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07:53
to combat climate change?
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投入到對抗氣候變遷上呢?
07:55
They could, for example,
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他們可以的,例如,
07:57
be used to buy bonds issued
by the UN's Green Climate Fund.
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利用這筆錢來買聯合國
綠色氣候基金會發行的債劵。
08:02
This was a fund created in 2009,
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這是根據 2009 年哥本哈根的聯合國
08:05
following that climate
agreement in Copenhagen.
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氣候大會協議所成立的一個基金會。
08:09
And it was designed to channel funds
towards developing countries
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它是被設計用來
引渡氣候專案基金
08:14
to meet their climate projects.
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到開發中國家的一個機構。
08:16
It's been one of the most
successful funds of its type,
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這是一個很典型的成功基金會,
08:19
raising almost 10 billion dollars.
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他們已經舉債將近 100 億美金。
08:21
But if we use those extra
SDRs that were issued,
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但如果我們把這些多餘
發行的 SDRs 拿來使用,
08:25
it helps governments get back on track,
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它可以幫助政府重回到軌道上,
08:28
to meet that promise
of 100 billion dollars a year
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來兌現政府因金融風暴而拖沓許久的
08:31
that was derailed by the financial crisis.
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每年 1000 億美金的承諾。
08:35
It could also --
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它也可以--
08:37
it could also serve as a test case.
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也可以用它來做測試。
08:42
If the inflationary consequences
of using SDRs in this way are benign,
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如果用了這筆 SDRs
所造成的通膨後果是溫和的,
08:48
it could be used to justify
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那它就可以用來評斷
08:50
the additional, extra issuance
of SDRs, say, every five years,
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比如,每五年額外發行的 SDRs
所造成的衝擊是否也是溫和的,
08:55
again, with the commitment
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當然,這要已開發國家承諾
08:57
that developed-market countries
would direct their share
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會直接把新增加
09:02
of the new reserves
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存底的分配額匯到
09:03
to the Green Climate Fund.
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綠色氣候基金會。
09:07
Printing international money
in this way has several advantages
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用這樣印「國際鈔票」的方式
09:10
over printing national currencies.
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比起直接印「國家鈔票」的方式,
多了很多的好處。
09:13
The first is it's really easy to argue
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第一,花錢來減緩氣候變遷
對大家都有好處,
09:16
that spending money to mitigate
climate change benefits everyone.
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這一點大家不會有甚麼意見的。
09:21
No one section of society benefits
from the printing press over another.
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無論哪一國的印刷機印錢,
都沒有人可從中獲取額外的利益,
09:25
That problem of competing
claims is mitigated.
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爭相申請印錢的問題是很小的。
09:29
It's also fair to say
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可以很公平地說,
09:30
that because it takes so many countries
to agree to issue these extra SDRs,
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這樣可以讓很多國家
同意發行額外的 SDRs,
09:35
it's highly unlikely that money printing
would get out of control.
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因為這樣印錢的方式
不太可能會不受控制。
09:40
What you end up with
is a collective, global action
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畢竟你最終是一個
全球的集體行為,
09:46
aimed -- and it's controlled
global action --
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一個大家目標一致
可控的集體行為,
09:50
aimed at a global good.
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目的就是為了地球好。
09:53
And,
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而且,
09:54
as we've learned
with the money-printing schemes,
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因為我們已經有印鈔票的經驗,
09:57
whatever concerns we have
can be allayed by rules.
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無論大家有甚麼顧慮,
都可以透過規則來排除。
10:00
So, for example,
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例如,
10:02
the issuance of these extra SDRs
every five years could be capped,
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可以限制這些每五年額外發行的
國際貨幣 SDRs 的總金額 ,
10:07
such that this international currency
is never more than five percent
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不能超過
全球外匯存底的5%。
10:13
of global foreign exchange reserves.
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10:15
That's important because it would allay
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這很重要,因為這樣做
可以避免掉一些可笑的疑慮,
10:17
well, let's say, the ridiculous
concerns that the US might have
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10:21
that the SDR could ever challenge
the dollar's dominant role
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比如說,
有人會質疑這些 SDRs 會挑戰
美元在國際金融市場的主導地位。
10:26
in international finance.
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10:28
And in fact,
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而事實上,
10:30
I think the only thing that the SDR
would likely steal from the dollar
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我認為唯一可能發生的事就是,
SDR 在這個計畫裡下,可能會以
美元的計價方式來發行,
10:33
under this scheme
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10:34
is its nickname, the "greenback."
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也就是俗稱的「綠背」(美金)
10:38
Because even with that cap in place,
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因為即使有限額的規定,
10:42
the IMF could have
followed up its issuance --
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國際貨幣基金組織
也會追蹤它的發行狀況--
10:45
its massive issuance of SDRs in 2009 --
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包括 2009 年大量發行的 SDRs,
10:48
with a further 200 billion
dollars of SDRs in 2014.
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以及 2014 年追加
2000 億美金的 SDRs。
10:54
So hypothetically,
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假設,
10:58
that would mean that developed countries
could have contributed
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如果這意味著,已開發國家需要
11:01
up to 300 billion dollars' worth of SDRs
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貢獻價值 3000 億美金的 SDRs
11:05
to the Green Climate Fund.
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到綠色氣候基金會。
11:08
That's 30 times what it has today.
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這個數字是當今規模的 30 倍。
11:11
And you know,
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你可能會覺得
11:12
as spectacular as that sounds,
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這數字聽起來相當驚人,
11:15
it's only just beginning to look
like "whatever it takes."
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但這僅是「不計代價」
的剛開始而已。
11:21
And just to think what amazing things
could be done with that money,
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想一下這筆錢可以為我們
帶來甚麼驚豔的事,
11:24
consider this:
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想一下這件事:
11:26
in 2009,
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2009 年,
11:28
Norway promised one billion dollars
of its reserves to Brazil
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挪威答應,如果巴西
遵守森林砍伐的目標,
11:33
if they followed through
on their goals on deforestation.
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他們要給巴西 10 億
美金的外匯存底。
11:38
That program has since delivered
a 70 percent reduction in deforestation
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這個計畫在過去十年,
已經減少 70% 的森林砍伐。
11:44
in the past decade.
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11:46
That's saving 3.2 billion tons
of carbon dioxide emissions,
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也就是減少了 32 億噸
的二氧化碳排放,
11:51
which is the equivalent of taking
all American cars off the roads
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相當於全美國汽車三年的排放量。
11:55
for three whole years.
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11:59
So what could we do
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所以,如果也有其它300個像這樣的
12:01
with 300 other pay-for-performance
climate projects like that,
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「看表現付錢」的氣候專案,
12:06
organized on a global scale?
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我們要如何以全球規模
的方式把它組織起來?
12:09
We could take cars off the roads
for a generation.
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我們可以減少一個
世代的汽車碳排。
12:13
So,
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所以,
12:15
let's not quibble about whether we can
afford to fund climate change.
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讓我們不要再狡辯我們是否有能力
可以支付提供改善氣候變遷的資金。
12:20
The real question is:
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真正的問題是:
12:23
Do we care enough about future generations
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我們是否真的夠關心
我們未來的子子孫孫?
12:26
to take the very same policy risks
we took to save the financial system?
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並再次承擔類似拯救
金融系統時的政策風險?
12:32
After all,
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畢竟,
12:34
we could do it,
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我們做得到,
12:36
we did do it
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我們也曾經做到,
12:37
and we are doing it today.
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而我們今天就要開始做。
12:39
We must, must, must do
"whatever it takes."
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我們必須、必須、必須、
再次的「不計代價」。
12:45
Thank you.
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謝謝各位!
12:46
(Applause)
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(掌聲)
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