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In 2008 for the first time in its history, the St. Petersburg International Economic Forum held a climate change panel. The theme of the panel was "Global Responsibility: Inaction today – the cost tomorrow". This mirrored the main theme of the recent Stern Review, whose author, professor of the London School of Economics Nicholas Stern, gave the opening keynote address.

The "St. Petersburg Proposal" by the Director of the Oxford Institute for Energy Studies, Benito Müller, based on the idea that developing country emissions can be reduced through joint efforts by developed and developing countries, has become part of a large research project led by the Oxford Institute for Energy Studies and the Institute for Energy and Environmental Economics at Tsinghua University (China). 

More detailed information on the subject of this research can be found on the web site of the Oxford Institute for Energy Studies in Benito Müller’s article "St. Petersburg 2008 – developing country emissions: common and joint responsibilities".