South Asia

The Kyoto Protocol establishes a very complex and ambitious regime, in architecture if not stringency. The problem is that relatively few states, representing only about a quarter of the world's emissions, have been willing to assume emission targets under Kyoto....The future of the Protocol thus seems doubtful at best. Even in the most optimistic scenario, a new round of emissions targets couldn't be agreed in time to prevent a legal gap between the first and second commitment periods. A possible middle ground would be to establish a transitional regime that would be political in nature, but that could evolve over time into a legally-binding regime.

The finance of climate mitigation and adaptation in developing countries represents a key challenge in the negotiations on a post-2012 international climate agreement. Finance mechanisms are important because stabilizing the climate will require significant emissions reductions in both the developed and the developing worlds, and therefore large-scale investments in energy infrastructure. The current state of climate finance has been criticized for its insufficient scale, relatively low share of private-sector investment, and insufficient institutional framework. This policy brief presents options for improving and expanding climate finance.

The January 23, 2009, release of the European Union (EU)'s proposal for a global pact on climate change marks a major step on the road to the 15th Conference of the Parties in Copenhagen. The European blueprint raises several interesting issues for further discussion and consideration.

The Harvard Project on International Climate Agreements, as a matter of course, does not endorse individual countries' negotiating positions. Nevertheless, the European climate platform discusses several issues that will be important moving forward. The Harvard Project's 26 research teams have examined these issues closely.