Elements for a Robust Climate Regime Post-2012: Options for Mitigation

This article addresses the current state of negotiations within the international climate change regime (including the United Nations Framework Convention on Climate Change and its Kyoto Protocol) and options to be included in a post-2012 carbon market framework, such as sectoral agreements, soft targets for developing countries and a larger consideration of sinks. The article reviews the different options focusing on their potential to spur mitigation of greenhouse gases in key areas such as energy production. The size and depth of the carbon market, as well as the stringency of the cap and the stabilization path chosen, are variables affecting the effectiveness of different options. The article thus makes a clear case for all large emitters to agree on a long-term stabilization goal to guide further negotiations on medium-term carbon market frameworks, and notes that options related to the consideration of sinks, for example, should maintain proportionality with the size of the carbon market to ensure that a sufficient 'pull' for technological developments in energy-related activities is maintained.