In spring of 2003 Copenhagen Consensus was initiated, and the process of planning and selecting economists for the expert panel commenced.

In late summer the preliminary gross list of about thirty challenges was presented and discussed in two separate Danish focus groups. The two groups consisted respectively of prominent economists, and of prominent scientists, social scientists, thinkers and journalists.

In autumn of 2003 the expert panel was established.

The outcome was a gross list of 32 challenges that was later presented to the expert panel.

Based on the gross list of 32 challenges, each expert selected six challenges. These were compiled by the Environmental Assessment Institute, resulting in a final list of the 10 challenges.

During the fourth quarter of 2003 the challenge papers authors were given the task of writing the challenge papers and in the first quarter of 2004 the challenge papers were finalized.