Encouraging Intertemporal Policy Making

Climate change poses an ongoing threat that exceeds the timeframe of generations. When faced with such intertemporal issues, governments nonetheless gravitate towards short-term interests rather than long-term investments due to the upfront costs. Due to the lack of long-term policies, undesirable consequences continue to accumulate. So the key question is how can we balance current interests with long-term interests? 

1. Short-term benefits for long-term investment in developing countries

Developing countries that switch to sustainable solutions now (even though they are more expensive short term) are able to participate in more economic activities. The Global Environment Facility and Green Climate Fund, for example, provide developmental money to less developed countries pursuing sustainable policies. Additionally, financing agencies offering funding to lower developed countries often consider risks to development. Infrastructural and environmental hazards brought by climate change are not only internally damaging but also damaging to potential economic growth. 

2. Establish stronger institutions with specific long-term goals and responsibilities

Institutions established specifically for intertemporal response can encourage farsighted policy (Winter, 2014). Identifying, analyzing, and understanding intertemporal issues will allow us to better prepare for future risks. Finland is working on such an approach through its Committee For the Future. This committee consists of members from parliament who serve as a think tank for science and technology policy. Dedicated completely to long-term prospects, this committee issues a yearly report highlighting important themes at an early stage of policy development. Based on their established foresight, policymakers may create and alter policy accordingly. 

3. Create a policy environment that is more conducive to producing intertemporal policy (through increased representation)
 

1. Representation could be through establishing benefit corporations (B-corporations). These legally recognized corporations are mindful of their impact on society and the environment and can put more pressure on governments to consider. Specifically, regarding climate change, "benefit corporations could usefully complement the sustainable governance framework by adding a better focus on the pursuit of corporate purpose and on the communication relative to it" (Ferrarini, 2021).
2. Representation could be increased by giving a voice to younger voters. The below solutions have the possibility to increase incentives for policymakers to create long-term policy, enhance the durability of political commitments, and incentivize decision-makers to consider the interests of their (younger) voting constituents. 

This can happen by 

i. Reducing the voting age (to 16): Millions under the age of 18 are employed yet do not have representation. Additionally, many individuals under 18 participate in politics through advocating for rights, participating in grassroots campaigns, and being involved in political action people 16 and up are involved. Reducing the voting age will encourage increased representation.

ii. Increase voter access through giving a day off from school and work to vote, putting voting areas in communities, and encouraging voting by teaching about the importance of voting and representation. 

4. Redistribute costs and educate about the benefits of long-term investments

Often vulnerable people will not want to invest in long-term policy as the negative externalities may impact them. Educating about the long-term benefits of particular policies can happen by providing multilingual voting resources and translating not just ballots but also general campaign and finance forms. 

a. Mitigate the costs of investment. While there are long-term benefits, the short-term costs may impact communities, and governments may help subsidize renewable energies. Since currently, fossil fuel subsidies still favour emissions-intensive behaviours (OECD). The switch to sustainable technologies is more cost-effective in the long run, especially for developed countries without fully developed industries (OECD).

b. Help vulnerable people and those impacted by the short-term costs to deal with the costs of investment.

While investment in subsidiaries may be more expensive in the short term, the payoff is cost-effective in the long term. This will not only lower the cost of sustainable technology but also foster technological innovation (London School of Economics and Political Science, 2018). Additionally, the cost of nonrenewable energies such as coal has been static, while renewable energy costs have decreased. Lastly, the potential costs that environmental degradation brings are incredibly high. Policy making that considers future generations and considers long-term costs is therefore necessary.