Less than a year after the ratification of the Kyoto Protocol, it is sobering to see that the most important question in climate policy circles is what should happen when Kyoto falls away in 2012. Opinions span the full range, from those who would like to see Kyoto’s life extended for a further five year commitment period, to those who would like to see it die and nothing replace it.
The Kyoto Protocol has served a useful purpose in educating the public, building consensus on the need for action, and gaining valuable experience in the design and operation of mechanisms to combat climate change. It has also served to educate the political, financial and business worlds with regard to the relationships between economic growth, development and the risk of climate change.
The Kyoto process has, however, been revealed to be deeply flawed, both in its design and in its execution. Here at New Energy Finance, we believe that
fundamental re-engineering will be required for any successor regime to provide a workable international framework for the reduction of greenhouse gas emissions.
In this paper we outline a possible alternative architecture for a successor regime, based on a single flexible emission reduction target for all countries and the principle of a treaty accession process, such as that which has resulted in other successful multilateral organisations.
Please download the full report for more detailed analysis.