Albert Pratt Professor of Business and Government, John F. Kennedy School of Government, Harvard University; University Fellow, Resources for the Future; and Research Associate, National Bureau of Economic Research. John F. Kennedy School of Government, Harvard University, 79 John F. Kennedy Street, Cambridge, MA 02138. Telephone: 617-495-1820; Fax: 617-496-3783; e-mail: email@example.com.
This article describes three essential elements of an effective post-2012 international climate policy architecture: a framework to ensure that key industrialized and developing nations are involved in differentiated but meaningful ways, an emphasis on an extended time path for emissions targets, and the inclusion of flexible market-based policy instruments to keep costs down and facilitate international equity. This overall 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 on the foundation of the United Nations Framework Convention on Climate Change.