This paper outlines the criteria that a global mitigation agreement would need to satisfy and explains the importance of cap-and-trade as the keystone of that agreement. It underscores the inescapability of ethics in determining the fair distribution of the costs of mitigation and argues that there is a strong moral case for all or most of the global costs being borne by the ACs.
There is now a growing consensus among governments that aggressive climate change mitigation is desirable, though they remain bitterly divided about how the associated burden should be shared. India
