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1   Develop a multilateral                        • Utilise revenues from carbon taxation and
    framework for avoiding                          cap-and-trade to finance progressive tax
    dangerous climate change                        reform, with reductions in taxes on labour
    under the post-2012 Kyoto                       and investments, and the development of
    Protocol                                        incentives for low-carbon technology.
                                                  • Reform of the European Union’s Emissions
• Establish an agreed threshold for dangerous       Trading Scheme to reduce quotas, increase
  climate change at 2°C above preindustrial         auctioning and limit windfall gains for the
  levels.                                           private sector.
• Set a stabilization target for atmospheric      • Create an enabling environment for renew-
  concentrations of CO2e at 450 ppm (the            able energy through ‘feed-in’ tariffs and
  costs are estimated at 1.6 percent of average     market regulation, with a 20 percent target
  global GDP to 2030).                              by 2020 in renewable power generation.
• Agree to a global sustainable emissions         • Increase energy efficiency through reg-
  pathway aimed at 50 percent reductions            ulatory standards for appliances and
  of greenhouse gas emissions by 2050 from          buildings.
  1990 levels.                                    • Reduce CO2 emissions from transport
• Targets under the current Kyoto commit-           through stronger fuel efficiency standards
  ment period implemented by developed              in the European Union, with a target of
  countries, with a further agreement to cut        120g CO2/km by 2012 and 80g CO2/km
  greenhouse gas emissions by at least 80 per-      by 2020, and more stringent Corporate
  cent by 2050, with 20–30 percent cuts by          Average Fuel Economy Standards (CAFE)
  2020.                                             in the United States with the introduction
• Major emitters in developing countries to         of taxation of aviation.
  aim at an emissions trajectory that peaks in    • Increase financing, incentives and regu-
  2020, with 20 percent cuts by 2050.               latory support for the development of
                                                    breakthrough technologies, with a focus on
2   Put in place policies for                       Carbon Capture and Storage (CCS)—the
    sustainable carbon budgeting—                   United States should aim at 30 demon-
    the agenda for mitigation                       stration plants by 2015, and the European
                                                    Union should have a comparable level of
• Set a national carbon budget in all devel-        ambition.
  oped countries with targets for reducing
  overall emissions from a 1990 reference year    3   Strengthen the framework for
  incorporated into national legislation.             international cooperation
• Put a price on carbon through taxation or
  cap-and-trade programmes consistent with        • Develop international cooperation to en-
  national carbon budget goals.                     hance access to modern energy services and
• Carbon taxation to be introduced at a level       reduce dependence on biomass, the pri-
  of US$10–20/t CO2 in 2010, rising in an-          mary source of energy for about 2.5 billion
  nual increments to US$60–100/t CO2 .              people.
• Adopt cap-and-trade programmes that aim         • Reduce the rate of increase in carbon emis-
  at 20–30 percent cuts in CO2 emissions by         sions in developing countries through
  2020 with 90–100 percent of allowances            strengthened energy sector reforms, backed
  auctioned by 2015.                                by finance and technology transfer.

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                                                     • Create a Climate Change Mitigation             • Act on G8 commitments to strengthen
                                                       Facility (CCMF) to mobilize the                  meteorological monitoring capacity in sub-
                                                       US$25–50 billion needed annually to              Saharan Africa through partnerships under
                                                       support low-carbon transitions in devel-         the Global Climate Observing System.
                                                       oping countries through a mix of grants,       • Empower and enable vulnerable people to
                                                       concessional aid and risk guarantees for in-     adapt to climate change by building resilience
                                                       vestment under nationally-owned energy           through investments in social protection,
                                                       sector reform programmes.                        health, education and other measures.
                                                     • Integrate project based carbon-financing       • Integrate adaptation into poverty reduction
                                                       through the Clean Development Mecha-             strategies that address vulnerabilities linked
                                                       nism and other Kyoto flexibility provisions      to inequalities based on wealth, gender, loca-
                                                       into programme-based and sectoral na-            tion and other markers for disadvantage.
                                                       tional strategies for supporting low-carbon    • Provide at least US$86 billion in ‘new and
                                                       transition.                                      additional’ finance for adaptation through
                                                     • Significantly strengthen international           transfers from rich to poor by 2016 to
                                                       cooperation on coal, with the creation of        protect progress towards the MDGs and
                                                       incentives for the development and deploy-       prevent post-2015 reversals in human
                                                       ment on Integrated Gasification Combined         development.
                                                       Cycle (IGCC) technology and CCS.               • Expand multilateral provisions for respond-
                                                     • Develop international incentives for the         ing to climate-related humanitarian
                                                       conservation and sustainable management          emergencies and supporting post-disaster
                                                       of rainforests.                                  recovery to build future resilience, with
                                                     • Extend carbon financing beyond industrial        US$2 billion in financing by 2016 under
                                                       sector mitigation to land-use programmes—        arrangements such as the UN’s Central
                                                       such as forest conservation and grasslands       Emergency Response Fund and the
                                                       restoration—that offer benefits for the          World Bank’s Global Facility for Disaster
                                                       poor.                                            Reduction and Recovery.
                                                                                                      • Explore a range of innovative financing
                                                     4      Put climate change adaptation               options beyond development assistance
                                                            at the centre of the post-2012              to mobilize support for adaptation, in-
                                                            Kyoto framework and                         cluding carbon taxation, levies on quotas
                                                            international partnerships for              issued under cap-and-trade programmes,
                                                            poverty reduction                           air transport taxes and wider measures.
                                                                                                      • Streamline the current structure of dedi-
                                                     • Recognize that the world is committed to         cated multilateral funds which are delivering
                                                       significant climate change, that even strin-     limited support (US$26 million to date and
                                                       gent mitigation will not materially affect       US$253 million in the pipeline, with high
                                                       temperature change until the mid-2030s,          transition costs), and shift the locus of sup-
                                                       and that average global temperatures             port from projects to programme-based
                                                       will rise to 2050 even under a ‘good case’       financing.
                                                       scenario.                                      • Use Poverty Reduction Strategy Papers
                                                     • Strengthen the capacity of developing            (PRSPs) to conduct national estimates of
                                                       countries to assess climate change risks         the costs of scaling-up existing programmes,
                                                       and integrate adaptation into all aspects of     identifying priority areas for reducing
                                                       national planning.                               vulnerability.

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