A Proposal for the Design of the Successor to the Kyoto Protocol
We recommend that the successor to the Kyoto Protocol (”Kyoto II”) impose mandatory ceilings on rich countries’ greenhouse gas emissions and that it promote the participation of developing countries. Our proposal requires two major changes to the current Protocol: the use of an escape clause and the potential use of trade restrictions. The agreement must be seen as fair to developing nations. These countries will be subject to disciplines preventing them from undermining the agreement in the short run, and they will be required to accept the principle of mandatory emissions reductions in the longer run. International trade in emissions permits plays a modest role in our proposal. The agreement should not attempt to prescribe the national policies (e.g. cap and trade or taxes) used to achieve reductions. Read the rest of this entry »