he european business council is proud to support the principles of the united nations climate change conference: 2009, taking place from december 7 to decemer 18 in copenhagen.
in advance of the summit in copenhagen, the european business council would like to propose the following measures, based on the insightful book the global deal by nicholas stern who is scheduled to speak at the conference:
the structure of a global deal: the key elements
targets and trade
at least 50% cuts in world emissions by 2050 relative to 1990; developed countries to lead in setting country-level targets now.
agreement by developed countries to take on immediate and binding targets of 20% to 40% by 2020, and to commit to a reduction of at least 80% by 2050.
within this time frame developed countries clearly and convincingly demonstrate that low-carbon growth is possible and affordable, including sharing technologies and creating trading and other financing mechanisms.
developing countries commit, subject to performance by developed countries, to taking on targets at the latest by 2020.
as soon as possible developing countries put forward credible plans to reach two tons per capita per annum by 2050, factoring in a peak in emissions before 2030; fast growing middle income countries to peak around or before 2020.
country emissions reductions and carbon trading schemes to be adopted, which are designed to integrate trading mechanisms with other countries, including developing countries both before and after their adoption of targets
the supply of carbon credits from developing countries simplified to allow much bigger markets for emissions reductions: with good design, ‘carbon flows’ likely to rise to $50-100 billion per annum by 2030.
funding
strong initiatives, with public funding, on capacity to halt deforestation and integrate into development programs plus preparation for including avoided deforestation in trading. policies and strategy to be determined by countries where the trees stand. for $15 billion per annum, the world could have a program which might halve deforestation, as a near term milestone on the way to halting it. importance of global action and involvement of international financial institutions in pilot projects, in investment and in coordination of action.
development, demonstration and sharing of technologies: (i) diffusion of existing technologies, e.g. wind power; (ii) developing and scaling up near-commercial technologies, e.g. $5 billion per annum commitment to feed-in tariffs for ccs for coal could lead to thirty-plus new commercial size plants in the next seven to eight years; (iii) creating breakthrough technologies, possibly to include advanced solar, enhanced photosynthesis, algae, carbon storage as usable solids, nuclear fusion.
rich countries to deliver on monterrey (2002 un), eu 2005 and gleneagles (2005 g8) commitments on overseas development assistance in context of extra costs of development arising from climate change: potential extra costs of development above $75 billion per annum by 2015; climate change to be central in assessment of international development goals beyond 2015 and their funding.
