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Climate negotiations taking place in Copehagen Denmark failed to deliver a framework for a successor treaty to the Kyoto Protocol, which relies on binding national reduction targets and use of flexible market mechanisms.
Instead, leaders agreed to collect reduction commitments and national measures to reduce greenhouse gas emissions. Developed nations are asked to make commitments for emissions reductions, although there is no agreed framework for these commitments. Developing nations are asked to make voluntary commitments to reduce greenhouse gas emissions or take national actions to mitigate greenhouse gas emissions.
The agreement by major emittters, which was "noted" but not adopted by the larger assembly of more than 190 nations, is termed the Copehagen Accord. To follow are some of the Accord's major points:
Copenhagen Accord
- Targets/Actions
- Goal to hold the increase in global temperature below 2 degrees Celsius.
- Developed countries (Annex I) will commit to economy-wide emissions targets for 2020. These reductions will be monitored, reported, and verified under the UN framework.
- Official reporting of commitments to the UNFCCC is not due until January 31, 2010, but the following nations announced the following possible commitments prior to the talks in Copenhagen:
- The U.S. previously committed to a 14-17% reduction in emissions from 2005 levels by 2020.
- The European Union previously announced a 20-30% reduction from 1990 levels by 2020.
- Australia previously announced a 5-15% or 25% reduction from 2000 levels.
- Japan has previously announced a 25% reduction from 1990 levels.
- Developing countries (non-Annex I) will submit to the UNFCCC by January 31st, 2010 a list of national actions toward sustainability. These actions are voluntary for least developed countries and small island states (i.e. NOT China, India, Brazil, etc.). These actions will be domestically monitored, reported, and verified. Nationally appropriated mitigation actions (NAMAs) that require international assistance, however, must be monitored, reported, and verified under an international system under a future COP guideline.
- Official reporting of voluntary commitments to the UNFCCC is not due until January 31, 2010, but the following nations announced the following possible commitments prior to the talks in Copenhagen:
- China previously put on the table a voluntary commitment to reduce carbon intensity (carbon emissions as a percentage of GDP) by 40-45% from 2005 level by 2020.
- India previously put on the table a voluntary commitment to reduce carbon intensity by 20-25% from 2005 levels by 2020.
- Brazil previously put on the table a 36.1-38.9% reductions in absolute emissions from business as usual by 2020.
- REDD(+)
- Strong support for setting up REDD+ system. REDD stands for “reducing emission from deforestation and forest degradation” and the “plus” refers to other forest mitigation actions, such as reforestation and afforestation.
- Plan to establish mechanism to mobilize financial resources from developed countries. (additional language below)
- Funding
- Funding from developed nations to support mitigation action, including REDD+, adaptation, and technology transfer and development.
- US$30B for the period between 2010-2012.
- US$100B/yr by 2020 to come from a variety of sources, public and private
- Prioritized funding for least developed nations
- A significant portion of the funding to be administered by the Copenhagen Climate Fund run by the UNFCCC (the US was hoping to have the World Bank do this)
- Review of Copenhagen Accord by 2015.
For more information on the Copenhagen Accord, ongoing global climate talks, and the potential impact on carbon trading markets, please contact our Carbon Markets teams in London [+44 (0)20 7264 4550] or New York [+1 914.323.0265]
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