Three Key Elements of a Post - 2012 International Climate Policy Architecture

This article describes three essential elements of an effective post-2012 international cli-mate policy architecture: a framework to ensure that key industrialized and developingnations are involved in differentiated but meaningful ways, an emphasis on an extended timepath for emissions targets, and the inclusion of flexible market-based policy instruments tokeep costs down and facilitate international equity. This overall architecture is consistent withfundamental aspects of the science, economics, and politics of global climate change;addresses specific shortcomings of the Kyoto Protocol; and builds on the foundation ofthe United Nations Framework Convention on Climate Change. (JEL: Q54, Q58, Q48, Q39)22S. M. Olmstead and R. N. Stavins atHavardUniersityonDecemer5,2011http://reeordjournals.org/Downladedfrom