A climate first strategy
Our first priority should be to establish a long term goal for reducing greenhouse gas emissions, based on scientific advice. It is Norway´s view that the increase in global mean temperature has to be limited to a maximum of 2 degrees Celsius compared to pre-industrial level in order to achieve the ultimate objective of the UN Convention on Climate Change of preventing dangerous climate change. Global emissions will have to be reduced by 50-85 % by 2050, most likely as much as 85%.
The developed countries must take the lead by cutting their emissions in the range of 25-40% in 2020 compared to 1990 level. Norway believes that all OECD countries should take on quantified reduction commitments in a post-2012 climate regime, differentiated according to specific criteria. In developing countries, collective emissions will have to deviate substantially from projected baseline emissions within the next decades. Emerging economies should take on emission reduction commitments in a new Copenhagen Agreement. Norway is flexible regarding the type of commitments for these countries, given that the emission reductions are measurable, reportable and verifiable. For other developing countries, in particular least developed countries, technological and financial support to enable a low carbon development path is imperative.
All sectors must be included - REDD and international maritime transport
To stabilize global warming at two degrees, all major emission sources must be included in a new climate regime. CO2-emissions from deforestation and forest degradtion in developing countries contribute to about 17 per cent of the annual global greenhouse gases emissions. A REDD mechanism should be included in the 2012 regime, to achieve measurable and verifiable reductions in emissions from deforestation and forest degradation. Norway will increase its support for efforts to prevent deforestation/forest degradation in developing countries with about three billion NOK (more than 500 million dollars) a year. Norway has also proposed to include emissions from international shipping in a new Copenhagen agreement, by setting an emission target for this sector and invite the IMO to develop a cap-and-trade regime to meet such a target.
CCS
Moving towards a low carbon economy requires accelerated development and deployment of emission reduction technologies. Technologies related to renewable energy and energy efficiency measures must be implemented in all relevant sectors. Norway also considers Carbon Capture and Storage (CCS) a key mitigation technology, with the potential of reducing emissions up to 20-28% of required emission reductions up to 2050. Efforts to stimulate the earliest possible introduction of commercially viable CCS technologies should therefore be looked at under the UNFCCC framework.
A new financial mechanism
Significant and predictable financial resources must be mobilised to support necessary mitigation and adaptation action. Norway proposes that an amount of the emission allowances issued under the Copenhagen Agreement is auctioned internationally, to generate new additional funds. International auctioning of allowances will generate funds independent of national annual budgetary decisions. If two percent of the allowances are auctioned, the annual income is estimated to be 20-30 billion USD. This is based on assumption that all developed countries take on quantified economy-wide commitments corresponding to the lowest emission scenarios of the IPCC, including a 2˚ C scenario.