Carmen Bunzl - Universidad Pontificia Comillas

Summary iv
The recent rise of sectoral approaches can be traced to concerns over
competitiveness and leakage. In addition, they are regarded as an effective
mean to encourage mitigation action in developing countries ahead of any
binding national commitments. Several sectoral initiatives and voluntary
agreements are already in place (in the aluminum, steel and iron, and cement
sectors). However, approaches targeting sectoral emissions should complement
national emission reduction targets but not replace them.
Achieving the expected GHG reductions will require both the widespread
diffusion and adoption of currently available low-carbon technologies, as
well as the development of new technologies. Technology oriented
agreements (TOAs), as complements for carbon commitments, will certainly be
needed; renewable targets, efficiency improvement, and technology standards
must overcome market imperfections such as low carbon prices, price volatility
and uncertainty. Urgent action is required to implement energy efficiency
policies and the application of existing technologies, including renewables and
nuclear, and the development of newer but established technologies, including
carbon capture and storage. To be effective, it is indispensable that this
approach is extended to developing countries.
In addition to a fair distribution of the burden of emissions reduction,
support for adaptation in those countries hardest hit by climate change is
required. The most effective form of adaptation to a changing climate is robust,
climate-resilient development; adaptation planning needs to be integrated into
development plans and strategies. This requires additional funding; as part of
cap-and-trade systems, auctioning of emissions allowances could generate
substantial revenue streams.
Climate change is a complex problem that requires a complex solution. It is
the hope of the author that this report can provide some insights into the
current international discussions to facilitate an agreement on the future
international climate change regime.