Designing a Regime of Emission Commitments for Developing Countries that is Cost-Effective and Equitable

The Kyoto Protocol was negotiated in 1997 as a first substantial step in addressing the problem of global climate change. The agreement established greenhouse gas emissions targets for industrialized countries for the 2008-2012 period. Despite this initial effort, many obstacles continue to stand in the way of effective mitigation of global climate change. First, neither the Framework Convention on Climate Change nor the Kyoto Protocol commits developing countries to any specific emissions abatement efforts or targets. Second, the United States has refused to ratify the Protocol. Finally, the Protocol and the Framework Convention are silent about post-2012 emission commitments.