ABSTRACT
A number of participating countries in the global governance of climate change face the dual problem of non-competitive costs with non-competitive benefits in emission reduction. They also face the challenge of ensuring equitable use and allocation of public resources while maximizing national interests and reducing the cost burden. The Tony Blair Report contends that the impacts of emission reduction on economic growth may be even lower than those reported by previous studies. According to calculations made by the International Monetary Fund (IMF), concerted efforts to mitigate climate change can produce rapid and widespread macroeconomic impacts. Developing countries will suffer greater agricultural losses than industrialized countries unless they actively respond to climate change. The loss and gain in China's agriculture are both 7". Thus, China's interest in emission reduction is higher. India will potentially face considerable losses in the event of any policy change relating to global emissions.
