The problem of climate change involves a fundamental failure of markets, namely that those who cause damage by emitting greenhouse gases generally do not pay. This global problem requires a collaborative, global response. Leadership, acceptance of differentiated responsibilities, emission targets and trading must be at the heart of any future global agreement to reduce greenhouse gas emissions.
Developed countries must lead the way in taking action by: adopting ambitious emission reduction targets of their own; promoting rapid
technological progress to mitigate the effects of climate change; supporting programs to combat deforestation; encouraging effective market
mechanisms; and honoring their aid commitments to the developing countries