Climatic Change

, Volume 110, Issue 3–4, pp 523–542 | Cite as

Beyond Copenhagen: a realistic climate policy in a fragmented world

  • Carlo Carraro
  • Emanuele MassettiEmail author


In this paper we argue that the financial provisions of the Copenhagen Accord, if used primarily to mitigate greenhouse gas (GHGs) emissions, could compensate the lack of more energetic action on the domestic mitigation side. In order to maximize the mitigation potential, the Copenhagen Green Climate Fund (CGCF) should be transformed into the International Bank for Emissions Allowance Acquisition (IBEAA) envisaged by Bradford (2008). We estimate that 50 percent of the CGCF in 2020 (50 US billions) could finance from 2.1 to 3.3 Gt CO2-eq emission reductions, depending on the domestic mitigation effort of Annex I and Non-Annex I countries. We construct a matrix that shows the level of GHGs emissions in 2020 under all possible combinations of abatement pledges and international mitigation financing, thus highlighting a rich set of options to reach the same level of GHGs emissions in 2020.


Emission Reduction Climate Policy International Energy Agency Mitigation Potential Energy Information Administration 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Springer Science+Business Media B.V. 2011

Authors and Affiliations

  1. 1.University of Venice and Fondazione Eni Enrico MatteiVeneziaItaly
  2. 2.Fondazione Eni Enrico Mattei and Euro-Mediterranean Center for Climate ChangeMilanItaly

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