I am now back in Ottawa and seeing the reports about the Copenhagen Accord. We’ll have more analysis soon, but the news is not good.
The CBC reports that the accord reached today, “is not binding and does not set new greenhouse-gas reduction targets. Instead, countries are to set their own emission-reduction commitments, which would not be legally binding.”
The Globe and Mail adds that, “Based on draft agreements circulated today, the final declaration will consist of little more than a political agreement to fight to keep global temperatures from rising more than 2 degrees celsius.”
NO EMISSION TARGETS
“(A draft text in the afternoon included) a commitment by the developing world to reduce emissions by 15 per cent to 30 per cent, subject to the availability of financing and technology. The text contained no specific reduction targets by the developed world by 2020.”
“The negotiating text includes references to 2005 and 1990 base years, suggesting Canada will have to translate its 2006 target into a 2005 reference year.”
Reuters adds that a negotiating text include a target to “halve global greenhouse gas emissions by 2050.”
NOT LEGALLY BINDING
“In the draft text, the countries agree to turn their limited political agreement into a legally binding treaty no later than November 2010 when the UN climate convention meets in Mexico City, and sooner if possible.”
“They also commit to reviewing both the agreement and its implementation in 2016.”
CLIMATE FINANCING
“On financing of mitigation and adaptation efforts…a panel will be established to determine how the financing will be raised.”
“Countries have agreed that the developed world would devote $30-billion over the next three years – rising to $100-billion a year by 2020 – to the efforts of the developed world.”
More soon.
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