We describe three essential elements of an effective post-2012 international global climate policy architecture: a means to ensure that key industrialized and developing nations are involved in differentiated but meaningful ways; an emphasis on an extended time path of targets; and inclusion of flexible market-based policy instruments to keep costs down and facilitate international equity. This architecture is consistent with fundamental aspects of the science, economics, and politics of global climate change; addresses specific shortcomings of the Kyoto Protocol; and builds upon the foundation of the United Nations Framework Convention on Climate Change.
Olmstead, Sheila M., and Robert N. Stavins. "Three Key Elements of Post-2012 International Climate Policy Architecture." HKS Faculty Research Working Paper Series and Harvard Project on Climate Agreements Discussion Paper Series (RWP10-030 and 2010-37), June 2010.