A new document, Key Elements of a Global Deal on Climate Change, prepared by Lord Nicholas Stern propose a plan on moving forward both in mitigation and adaptation.

Stern, best known within the realm of climate change for the production of the Stern Review for the British Government, is the IG Patel Professor of Economics and Government at the London School of Economics and Political Science and the Chair of the Grantham Research Institute on Climate Change and the Environment.

In his newly released document he proposes key elements of a global climate policy that seek to satisfy three basic principles: effectiveness, efficiency, and equity. Among the specific proposals outlined in this paper are calls for: developed countries, at the UN Framework Convention on Climate Change (UNFCCC) COP15 meetings in 2009, to commit to cutting emissions by 80-90% from 1990 levels by 2050 together with credible interim targets; developing countries to commit to enhanced energy efficiency policies, cheaper technologies and reduced deforestation, and by 2020 developing countries, subject to developed country performance, to take on appropriate and binding national targets; working towards an international cap-and-trade system; integrating forests into global carbon trading in the medium to long term; globally coordinated standards, coordinated public funding and targeted concessional finance to increase technology diffusion and adoption; and integrating adaptation assistance into development spending to deliver development goals in a climate-resilient manner.

The paper also suggests undertaking further work in the following areas to take this programme forward: targets, the role of developing countries in mitigation and trade; international emissions trading-cap-and-trade; deforestation; technology; and adaptation.