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ABSTRACT
There is enough scientific evidence that climate change is real and that it is primarily caused by anthropogenic GHGs. This can no longer be seen as a barrier to an international climate change agreement. The economists have provided an argument for climate change policy in general but they differ on the timing and stringency of emission reductions. There are limitations as to what economic analysis of climate change can provide, so any target may be seen as somehow arbitrary. Though we may need a common vision of a long-term global target, it should not be understood as a fixed target. As the time goes by, the target may not be viewed as suitable in light of new realities and scientific understanding, and therefore it should be open to revision. Given the uncertainties it is reasonable that the climate regime is to be negotiated gradually, but it is also inevitable – future governments may renege on the commitments made by their predecessors and so any long-term commitments would not be viewed as a credible policy.
