In the latest issue of CEDA’s Australian Chief Executive magazine, Warwick McKibbin has a very accessible outline of the McKibbin-Wilcoxen model, his alternative to the Kyoto Protocol. At he summarises it:
My colleague Peter Wilcoxen and I have a system that deals with each one of these positives. We call it the blueprint. Itâ€™s aimed at achieving emissions reductions at least cost over time. Itâ€™s like a target and timetables approach, but without the timetables. The blueprint has two components. One is that we impose a long-term goal for the economy. The second is that we regularly line up the short-term costs with what we think the science is telling us about the expected environment benefits as we value them at the time.
For more on the McKibbin-Wilcoxen model, see McKibbin’s website.