We describe three essential elements of an effective post-2012 international global climate policy architecture: a means to ensure that key industrialized and developing nations are involved in differentiated but meaningful ways; an emphasis on an extended time path of targets; and inclusion of flexible market-based policy instruments to keep costs down and facilitate international equity. This architecture is consistent with fundamental aspects of the science, economics, and politics of global climate change; addresses specific shortcomings of the Kyoto Protocol; and builds upon the foundation of the United Nations Framework Convention on Climate Change.

Our proposal for a post-2012 international global climate policy agreement contains three essential elements: meaningful involvement by key industrialized and developing nations; an emphasis on an extended time path of targets; and inclusion of market-based policy instruments. This architecture is consistent with fundamental aspects of the science, economics, and politics of global climate change.

THE climate change summit at the United Nations on Tuesday is aimed to build momentum for the 15th Conference of the Parties to the UN Framework Convention on Climate Change in Copenhagen in December, where nations will continue negotiations on a successor to the 1997 Kyoto Protocol, which expires in 2012. To be successful, any feasible successor agreement must contain three essential elements: meaningful involvement by a broad set of key industrialized and developing nations; an emphasis on an extended time path of emissions targets; and inclusion of policy approaches that work through the market, rather than against it.

The major features of a post-2012 international global climate policy architecture are described with three essential elements: a means to ensure that key industrialized and developing nations are involved in differentiated but meaningful ways; an emphasis on an extended time path of targets; and inclusion of flexible market-based policy instruments to keep costs down and facilitate international equity. This architecture is consistent with fundamental aspects of the science, economics, and politics of global climate change; addresses specific shortcomings of the Kyoto Protocol; and builds upon the foundation of the United Nations Framework Convention on Climate Change.

Olmstead and Stavins propose a new architecture following the expiration of the Kyoto Protocol consisting of three essential elements: (1) it provides a means to ensure that key industrialized and developing nations are involved in differentiated but meaningful ways; (2) it would establish an extended time path of targets; and (3) it includes flexible market-based policy instruments to keep costs down and facilitate international equity. The proposed approach is consistent with fundamental aspects of the science, economics, and politics of global climate change. It addresses specific shortcomings of the Kyoto Protocol but also builds on the foundation of the existing United Nations Framework Convention on Climate Change (UNFCCC).