Possible administrative structures and procedures (for implementing a tradeable entitlement approach to controlling global warming)

The United Nations Framework Convention on Climate Change was opened for signature at the United Nations Conference on Environment and Development (UNCED) held at Rio de Janeiro in June 1992. By August 1994, it had been signed by representatives of some 166 countries; with 93 ratifications. Reducing greenhouse gas emissions to 1990 levels by the year 2000 was specified as a voluntary target within the Convention. Making this target mandatory was originally supported by the European Union, Japan and most other countries, but opposed by the United States. Following the change of administrations, however, the new United States President announced his support for both the concept of holding emissions at their 1990 levels and the deadline for achieving that target. Limiting greenhouse gas emissions to specific levels now appears to be an internationally recognized objective. In this paper we examine how to implement a tradeable entitlements system for greenhouse-gas emissions, using the United Nations Framework Convention on Climate Change as our point of departure. Using this particular point of departure establishes certain parameters of our inquiry. Currently no mandatory targets for emission reductions have been accepted by the participating States. Furthermore, even the stabilization goal, to the extent it is a factor at all, will be a factor only for the industrialized countries