Architectures for Agreement: Addressing Global Climate by Joseph E. Aldy, Robert N. Stavins

By Joseph E. Aldy, Robert N. Stavins

With expanding greenhouse gasoline emissions, we're launched into an unparalleled test with an doubtful end result for the way forward for the planet. The Kyoto Protocol serves as an preliminary step via 2012 to mitigate the threats posed via international weather swap yet policy-makers, students, businessmen, and environmentalists have all started debating the constitution of the successor to the Kyoto contract. Written by way of a group of best students in economics, legislations and diplomacy, this ebook contributes to this debate by way of reading the advantages of six substitute overseas architectures for weather coverage.

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Proposals for targets and timetables for the post-2012 world expand and modify the current policy architecture. Proposals by Jeffrey Frankel of Harvard University and Axel Michaelowa of the Hamburg Institute focus on expanding participation to include developing countries and the United States, while maintaining the international emission trading institutions that can address cost concerns and serve as a means for eliciting participation by reluctant countries. ” Frankel proposes the use of a sequence of formulas that combine historic greenhouse gas emissions, population, income, and other variables to set country-level decade-by-decade quantitative targets.

The capacity to adapt to such impacts, as evident by endowments of human capital and technology as well as effective government institutions, varies substantially around the world, and such heterogeneity in capacity may persist for some time. The potential risks from increasing atmospheric greenhouse gas concentrations include potential catastrophic events. A warmer world may weaken the Atlantic Ocean’s thermohaline circulation – the Gulf Stream that currently carries warm water from the Caribbean north and east to Europe – resulting in colder temperatures and different precipitation patterns for Europe as the rest of the world warms.

A dynamically efficient policy maximizes the aggregate present value of net benefits of taking actions to mitigate climate change impacts. The criterion of dynamic cost-effectiveness refers to the identification of the least costly way to achieve a given environmental outcome. Distributional equity refers to the distribution of both benefits and costs across populations within a generation and across generations, and can account for responsibility for climate change, ability to pay to reduce climate change risks, and other notions of equity.

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