A major global report released on Tuesday emphasizes the importance of wealthy nations leading the way in reducing carbon emissions to protect the progress made 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", calls on 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 the urgency of taking action within the next ten years. The report warns that if action is not taken soon, temperatures could rise by more than two degrees Celsius, leading to the disappearance of the Himalayan glaciers which provide water and food for over two billion people. 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, putting the most vulnerable populations at risk. The report calls on the world's richest countries to take responsibility by cutting emissions by 80 percent by 2050 and investing $86 billion annually in international adaptation efforts to protect the world's poor. The report suggests that developed countries should implement a new method for transferring clean energy technology to developing countries. It mentions the success of this approach in Bangladesh, where every $1 invested in adaptation initiatives can protect $2 to 3 in assets from flood damage. The report emphasizes the need for developing Asian countries, such as China and India, to reduce emissions by at least 20 percent by 2050. UNDP administrator Kemal Dervi&#351; stresses the importance of expanding access to affordable energy while also reducing carbon emissions. The report proposes the establishment of a Climate Change Mitigation Facility, funded by developed countries, to incentivize developing countries to pursue a more environmentally friendly development path. "According to Watkins, proper funding for technology transfer from wealthy nations to poorer nations must be a requirement for developed countries in order to address their carbon footprint. The pathway outlined in 'Fighting climate change' for the Bali meeting in December provides a definitive checklist for political leaders. This pathway calls for a binding and enforceable post-2012 multilateral agreement that is crucial in protecting the planet and its most vulnerable populations from the severe impacts of climate change. The checklist includes cutting 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, it proposes the creation of a Climate Change Mitigation Facility to finance low-carbon energy investments in developing countries, providing them with the means to transition to low emission pathways and the motivation to commit to international emission reductions." This would require an annual investment of $25-50 billion. 3. Establish a fair cost for carbon by implementing both carbon taxes and expanding cap-and-trade programs globally. 4. Improve regulatory guidelines by implementing and enforcing stricter efficiency standards for vehicle, building, and electrical appliance emissions. Encourage the growth of low carbon energy sources, acknowledging the untapped potential for expanding the use of renewable energy and the necessity for immediate investment in innovative technologies like carbon capture and storage (CCS). Dedicate $86 billion or 0.2 percent of the combined GDP of northern countries to the development of climate-resilient infrastructure and enhancing the ability of vulnerable populations to withstand the impacts of climate change. Incorporate adaptation into all strategies aimed at decreasing poverty and extreme inequality, such as poverty reduction strategy papers. Acknowledge the importance of carbon sequestration in forests and land in future global agreements, and support international financial transfers for deforestation, as proposed by Brazil and other countries.