If the price of carbon in, say, ten years, actually corresponds to the announced social value, the project will be profitable and the developer will repay the loan. But if the government reneges on its commitment, the developer will default, leaving the central bank with a claim on the government.
这就构成了一个算计选择。如果十年后的碳定价果真与宣布的社会价值相符，这个项目就能盈利，开发者将偿还贷款。如果政府违背承诺，开发者将违约，中央银行获得对政府的索偿权。不能提高碳定价要么导致公共债务负担增加，要么导致通货膨胀（如果货币化的话）。