Carmen Bunzl - Universidad Pontificia Comillas

Chapter 2. Options for future climate change architectures 95
would avoid being prescriptive and leave room for the implementation of the
target. It would not create significant distortions in competitiveness between
countries.
Many analysts find an emission trading system with the broadest
participation of countries to be the most cost-effective form of agreement. It
would allow the emission reductions to occur where they can be achieved at the
lower cost. However – as has been already discussed before - there is no time
left to act against climate change, emission trading is apparently a good option
but is not working well in practice, at the moment. Carbon prices can not be set
at a sufficiently high level as to lead to the magnitude of the measures needed.
Until governments are not capable of assuring the right functioning of carbon
markets, technology and policies based options will have to be implemented.
3.1.3 Distributional considerations
The most politically charged issue is equity. An international agreement that
involves national emission targets could be considered conducive to social
development and equity depending basically on participation and initial
allocation of emission rights. Exemptions and modification to the allocation
obligations may help address equity issues.
The tension between the demands of combating climate change and the
development of the poor is at the very center of the global climate negotiations
predicament. A climate regime that preserves a right to development is needed.
A major commitment to large North-to-South assistance – financial and
technological – is an inevitable part of the future climate change agreement.
3.1.4 Institutional feasibility
Two aspects are especially critical when reaching international agreements:
the negotiation and adoption of the agreement, and its subsequent
implementation.
Escuela Técnica Superior de Ingeniería ICAI Carmen Bunzl Boulet Junio 2008