CERINA means “CO2 Emissions and Renewable Investment Action Plan”.
The basic idea is to let every country emit as much CO2 as it wants, in contrast to the Kyoto Protocol with its reduction targets.
And have everybody invest an amount of 16 euro per ton of CO2 emitted in renewable energy, which would result in 544 billion euro a year of investment in renewable. That would be considerable progress compared to present levels of investment.
The following table, taken from the CERINA website here, shows the necessary level of investment in the six countries with the biggest emissions:
I like that basic idea. I don’t understand however why that couldn’t be done while keeping the reduction targets. Both policies seem to be compatible with each other.
On the other hand, there is not much explanation for the figure of “over 500 billion euro” being necessary. This would still be less than 1 percent of world GDP.
I recall that I support proposals to get to at least 2 percent of global GDP. That means that this proposal, while progress compared to the status quo, would seem to be lacking in ambition.