1. Business Perspectives on the Short and Long-Term Goal of Reducing Greenhouse Gas Emissions International Climate Change Partnership

2. Frame the Framework Convention Assumes: Concentration Assumes: Rate of Change Assumes: Need for Adaptation

3. Short-Term Objective Importance of First Step Recognize Marginal Value of Reductions Provide Flexibility to Assure Cost- Effectiveness Provide Assurance of Inclusiveness of Process- Industry-Wide - Developed and Developing Country - Capture Evolutionary Technological Change

4. Long-Term Objective Frame the Framework Convention Goal is Concentration (Range) Identify Range- Rate - Adaptation Stimulate R & D for Revolutionary Technological Shift

5. Policy Goal Signal Long-Term Nature of Effect Provide Means for Assuring Progress Clearly Define Environmental Objective Integrate Scientific Understanding With Economic Objectives Better Define Need for Total Involvement

6. Infrastructure Investments Prevent Short-Term Capital Stock Loss Most Significant to Occur in Developing Countries Recognize Shifting Investment Timetables

7. Historical Example Montreal Protocol - Adopted in 1987 - Ozone Hole 1988 - Scientific and Policy Consensus 1989 - Informal Adoption of Goal of 2 ppm Chlorine as Basis for Future Amendments 1990 - Present

8. Process to Begin Identifying Objective Assess Population Growth Rates of Sustainable Economic Development Impacts of Changes in Energy Market Utilize Third Assessment Report Process

9. There Is No Right Answer, It is a Policy Choice

10. Kyoto Protocol Target and Timetable Strict Flexible Mechanisms - Critical Developing Country Participation - Essential Steps Beyond - Undefined

11. Decisions for COP 5 and COP 6 Build on Flexible Mechanisms Develop Consensus on Meaningful Next Steps Achieve Broader Participation