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This paper explores two different
conceptions of how an emerging climate regime might evolve
to strengthen incentives for more vigorous cooperation in
mitigating global climate change. One is the paradigm that
has figured most prominently in negotiations to this point:
the establishment of targets and timetables for countries to
limit their aggregate greenhouse gas emissions. The other
approach consists of a variety of loosely coordinated
smaller scale agreements, each one of which addresses a
different aspect of the challenge, and is enforced in its
own way. The primary conclusion is that an agreement of the
first type may be more cost-effective, but that a system of
agreements of the second type would likely sustain more
abatement overall.
