So far Kyoto Protocol has failed in achieving its target of emission reduction of green house gases(GHG). Under the existing scenario of GHG emissiom, global temperature is likely to increase about 5 degree celcius by end of 21st century as per recent studies. How hard this climate change is going to hit the life of human being and bio-diversty on this planet can be imagined from the simple fact that 1 degee celcius temperature rise reduces the 10 percent yield in paddy production. In addition to this sea level rise, drought, powerful cyclone, rapid desertification will displace many human settlements to new places that will be further leads to conflict for resources. Certainly nobody wants such a planet for our future generation to come. The main reason for failure in achieving emission reduction target is that no country wants to compromise its economic development by reducing the consumption of fossil fuel for the sake of climate change mitigation.
The other viable option to reduce the emission of GHG without compromising economic development is technological intervention i.e. use of energy efficient and renewable technologies. But again, these technologies lies in hands of few developed countries who charge exorbitantly high price for the same and its wide spread use is restricted. Therefore, a global climate technology fund with contribution of all the countries as per their capacity needs to be created that could be used to unshacle few potent climate mitigation technology from intelectual property right so that it becomes a global public good and it can be widely produced and used across globe without paying high premium for technology development cost. In addition, this fund can be used for setting up institutions to develop climate change mitigation and adaptation technologies that can be manufactured by anyone across globe who has got the capabilities to do so. These actions will bring down the cost of climate change mitigation and adaptation technologies drastically and its wide spread use may bring down GHG emission considerably and save this planet from scourge of climate change.