| Three gaps in the Kyoto Protocol most badly need to be filled: the absence of emission targets extending far into the future, the absence of participation by the United States, China, and other developing countries, and the absence of reason to think that members will abide by commitments. To be politically acceptable, any new treaty that fills these gaps must, we believe, obey certain constraints regarding country-by-country economic costs. We offer a framework of formulas that assign quantitative allocations of emissions, across countries, one budget period at a time. The two-part plan: (i) China and other developing countries accept targets at BAU in the coming budget period, the same period in which the US first agrees to cuts below BAU; and (ii)... |
