There are many low cost technological options to reduce near-term emissions

• Significant unanticipated technical progress since 1996 relevant to greenhouse gas reductions
• Technologies include efficient hybrid engine cars, fuel cells, underground carbon dioxide storage.
• Potential to reduce global greenhouse gas emissions in 2010 - 2020 to levels below 2000.
• The realization of this potential will need to overcome many barriers such as subsidized prices, lack of access to information, financing, and appropriate technologies, and undefined property rights.
• About half of the above emissions reduction potential can be achieved with direct benefits exceeding direct costs, and the other half at a net direct cost of up to US $ 100/t Ceq (at 1998 prices).

Based on models of the global economy, the cost estimates of meeting GHG emissions levels noted in the Kyoto Protocol vary considerably both within and across regions.

• All models show that costs are lower when GHG emissions trading within Annex B countries is included.
• Although the aforementioned barriers may increase the cost estimates, these can be further reduced through
• carbon offset projects in developing countries (Clean Development Mechanism),
• land use, land-use change and forestry (LULUCF) activities,
• implementation of mitigation options that also reduce local pollutants, and
• revenue neutral carbon taxes.
  

IPCC emissions scenarios indicate that conventional oil and gas resources will be mostly used up by mid-century irrespective of actions to address climate change.

• This implies a change in the energy mix and the introduction of new sources of energy in a few decades.
• Further investment in energy R&D, the diffusion and adoption of existing technology, and technological and social innovation will be required to maintain the flow and increase penetration of improved technologies.
  

Carbon in oil, gas, and coal reserves and resources with cumulative emissions (1990-2100) from future scenarios both the stabilization target itself and the pathway to stabilization of atmospheric GHG concentrations are key determinants of mitigation costs.

• Studies show that the costs of stabilizing carbon dioxide concentrations in the atmosphere increase more steeply as the stabilization level declines.
• Tradeoff
• Rapid near-term transition towards a less-carbon-emitting economy with premature retirement of capital stock and potential for premature lock-in to early versions of rapidly developing low-emissions technology,
• More gradual near-term transition with environmental and human risks associated with projected changes in climate.
• A prudent risk management strategy requires a careful consideration of the economic and environmental consequences, their likelihood and society's attitude toward risk.
• Stabilization of atmospheric carbon dioxide concentrations in the long term will require participation of all countries.
• Countries and regions, however, will have to choose their own path to a low emissions future guided by their socioeconomic considerations.

Some of the publications resulting from this work can be found at:

• Fourth Assessment Report: Climate Change 2007: Mitigation of Climate Change.