A major global report launched on Tuesday emphasizes that wealthy nations must lead the way in reducing carbon emissions to avoid significant setbacks in health, education, and poverty reduction for the world's poor. The UN Human Development Report (HDR) 2007-08, titled "Fighting climate change: Human solidarity in a divided world," urges developed countries to offer incentives to developing nations to address the challenge of climate change. The report, prepared by the United Nations Development Programme (UNDP) based on the Intergovernmental Panel on Climate Change Synthesis Report, outlines a plan for climate change negotiations in Bali, Indonesia, stressing that there is a critical ten-year window of opportunity to take action. The report warned that if action is not taken soon, the Himalayan glaciers that provide water and food for over two billion people could disappear if global temperatures rise above two degrees Celsius. Kevin Watkins, lead author of the HDR 2007-08, stated that the carbon budget of the 21st century is being overspent and could run out by 2032, posing a threat to the most vulnerable populations. The report calls on the world's richest countries to cut emissions by at least 80 percent by 2050 and support a new $86 billion global annual investment in international adaptation efforts to protect the world's poor. The report suggests that developed countries should implement a new system for transferring clean energy technology to developing countries. It mentions the positive impact of investing in adaptation initiatives, such as protecting assets during flooding. The report also calls for developing Asian countries, particularly China and India, to reduce emissions by at least 20 percent by 2050. UNDP administrator Kemal Dervi&#351; emphasizes the importance of expanding access to affordable energy while transitioning to a more sustainable growth path. The report proposes the establishment of a Climate Change Mitigation Facility funded by developed countries to incentivize developing countries to adopt cleaner technologies. "According to Watkins, adequately funded technology transfer from wealthier nations to poorer nations must be the cost of entry for developed countries to address their carbon footprint. The pathway outlined in 'Fighting climate change' for the Bali meeting in December provides a clear checklist for political leaders, emphasizing the need for a binding post-2012 multilateral agreement to combat climate change and protect vulnerable populations. Key points include reducing emissions from developing countries by 20 percent by 2050 and from developed countries by 30 percent by 2020 and at least 80 percent by 2050, compared to 1990 levels. Additionally, the creation of a Climate Change Mitigation Facility is proposed to finance low-carbon energy investments in developing countries, encouraging them to transition to cleaner energy sources and commit to international emission reductions." This would require an annual investment of $25-50 billion. Implement a fair price for carbon by using a combination of carbon taxation and expanding cap-and-trade schemes globally. Enhance regulatory standards by enforcing stricter efficiency requirements for vehicle, building, and electrical appliance emissions. Support the advancement of low carbon energy sources, acknowledging the untapped potential for a higher utilization of renewable energy and the necessity for immediate investment in innovative technologies like carbon capture and storage (CCS). Allocate $86 billion, which is equivalent to 0.2 percent of the combined GDP of northern nations, towards adapting climate-resistant infrastructure and enhancing the resilience of impoverished communities to climate change impacts. Ensure that adaptation is integrated into all strategies aimed at reducing poverty and extreme inequality, including poverty reduction strategy papers. Acknowledge the importance of carbon sequestration in forests and land in any future global agreement, and support international financial transfer plans for deforestation, as proposed by Brazil and other countries.