The Copenhagen conference had reached to its final session whereby many issues were remained disputed. But some said Copenhagen’s results are a modest step in the global bid to curb greenhouse gasses that threaten to melt glaciers and flood coastlines. In fact, China Foreign Minister said, Yang Jeichi, Copenhagen had produced significant and positive results. In addition, Yang said the positive outcomes of the conference were that it upheld the principle of "common but differentiated responsibilities" recognized by the Kyoto Protocol, and made a step forward in promoting binding emissions cuts for developed countries and voluntary mitigating actions by developing countries.
I thought it can be significant and positive only to China, US and some other developed countries since they do not have a legal binding on emission reduction but just currently need to pay for the developing countries some sort of “compensation” to their emission activities that affect those countries. The Copenhagen meeting also left many critics from the others where many had said it was a failure meeting and no much improvement was shown from the previous meeting. The giants still want to bid for their “national interest” by ignoring this major issue. This drama was expected even since before the meeting held. It’s so embarrassing.
The result of this conference may not be limited to the failure of international efforts to climate change mitigation but it had also indirectly affected the EU and UN carbon prices. It was expected that the carbon price may fall since the Copenhagen climate deal didn’t set targets to boost demands for permits. It is very important to know the agreed targets since it amount to a bunch of negotiation ranges that investors already factored in, but after the result heard, European Union carbon-dioxide allowances, with trading volume of $92 billion a year, will probably drop about 7 percent as markets open tomorrow in response to the accord, said Trevor Sikorski, emissions analyst for Barclays Plc’s investment bank
Follows are the summary of Copenhagen Accord that has been unanimously agreed so far by US President Barrack Obama, Chinese Premier Wen Jiabao, Indian Prime Minister Manmohan Singh and South African President Jacob Zuma (Sources; BBC news):
The Accord, reached between the US, China, India, Brazil and South Africa, contains no reference to a legally binding agreement, as some developing countries and climate activists wanted.
Neither is there a deadline for transforming it into a binding deal, though UN Secretary General Ban Ki-moon said it needed to be turned into a legally binding treaty next year.
The accord was merely "recognised" by the 193 nations at the Copenhagen summit, rather than approved, which would have required unanimous support. It is not clear whether it is a formal UN deal.
The text recognises the need to limit global temperatures rising no more than 2C (3.6F) above pre-industrial levels.
The language in the text shows that 2C is not a formal target, just that the group "recognises the scientific view that" the temperature increase should be held below this figure.
However, the accord does not identify a year by which carbon emissions should peak, a position resisted by some richer developing nations.
Countries are asked to spell out by 1 February next year their pledges for curbing carbon emissions by 2020. The deal does not spell out penalties for any country that fails to meet its promise.
The deal promises to deliver $30bn (£18.5bn) of aid for developing nations over the next three years. It outlines a goal of providing $100bn a year by 2020 to help poor countries cope with the impacts of climate change.
The accord says the rich countries will jointly mobilise the $100bn, drawing on a variety of sources: "public and private, bilateral and multilateral, including alternative sources of finance."
A green climate fund will also be established under the deal. It will support projects in developing countries related to mitigation, adaptation, "capacity building" and technology transfer.
The pledges of rich countries will come under "rigorous, robust and transparent" scrutiny under the UN Framework Convention on Climate Change (UNFCCC).
In the accord, developing countries will submit national reports on their emissions pledges under a method "that will ensure that national sovereignty is respected."
Pledges on climate mitigation measures seeking international support will be recorded in a registry.
Review of Progress
The implementation of the Copenhagen Accord will be reviewed by 2015. This will take place about a year-and-a-half after the next scientific assessment of the global climate by the Intergovernmental Panel on Climate Change (IPCC).
However, if, in 2015, delegates wanted to adopt a new, lower target on global average temperature, such as 1.5C rather than 2C, it would be too late.