An alternative to a global climate deal may be unfolding before our eyes

The core objectives of the United Nations Framework Convention on Climate Change (UNFCCC) are to stabilize greenhouse gas concentrations to non-dangerous levels quickly enough to allow ecosystems to adapt naturally, while not threatening food production or sustainable economic development. The approach embedded in the Kyoto Protocol, reflecting the concept of common but differentiated responsibilities, has been to start by setting binding emissions targets for industrialized countries, while using carbon markets to mobilize international finance for mitigation efforts in developing countries. The critical challenges for negotiators since then, however, have been in agreeing when the time is right to move towards binding emissions targets for developing countries and what level of financial assistance from developed countries is appropriate and politically feasible, given the well-founded perception that such targets, if sufficiently stringent to limit climate change and unaccompanied by strong financial assistance, could in fact hinder many countries. immediate economic development.