New report by Stern

Nicholas Stern has published a set of proposals for a global deal on climate change.

The report analyses the implications of the commitment to cut global greenhouse gas emissions in half by 2050 (taken at the G8 summit in Heiligendamm in June 2007). This translates into a CO2e concentration of about 500ppm (lower than the original 550 used in the Stern Review).

It recommends that responsibility must be shared between developed countries and the developing world (which will have 8 billion of the world’s 9 billion population by 2050). Developed countries must demonstrate the way forward by taking on ambitious binding national targets immediately and proving that low carbon growth is possible, that carbon markets will develop substantial financial flows to developing countries and that technology will be made available and shared. Developing countries must, subject to developed countries’ performance, commit by 2020 to targets which will take their per capita emissions to the global average by 2050. Binding national quotas negotiated now with developing countries risk being too high in relation to long-term targets. Underlying the document’s recommendations are three guiding principles: Effectiveness (the ability to reduce greenhouse gases to an acceptable level); Efficiency (controlling overall costs); Equity (accounting for relative living standards, historical responsibilities and aspirations for growth and development)

On the basis of these principles, the document lays out the key elements of a global deal to meet this challenge. It includes key proposals on the following elements:

1. Emissions targets globally and for rich countries.
2. The role of developing countries in mitigation and trading.
3. International emissions trading.
4. Financing emissions reductions from deforestation.
5. Technology.
6. Adaptation in developing countries

It concludes with discussion of implementation and institutions and sets out an agenda for next steps.

You can download the report here.