|The deal includes financial aid to help developing countries to battle climate change [AFP]|
The United States, India, South Africa, China and Brazil, have reached a climate agreement, titled the “Copenhagen Accord”.
The deal is not legally binding, but a proposal attached to the accord calls for a binding treaty to be pinned down by the end of next year.
These are some of the key points of the agreement, outlined at the climate summit in Copenhagen, the Danish capital.
“Deep cuts in global emissions are required according to science … with a view to reduce global emissions so as to hold the increase in global temperature below two degrees Celsius.”
Details of mitigation plans are included in two separate annexes, one for developed country targets and one for the voluntary pledges of major developing countries.
These are not binding, and describe the current status of pledges – ranging from “under consideration” for the United States to “adopted by legislation” for the European Union.
Financing for poor nations:
“Developed countries shall provide adequate, predictable and sustainable financial resources, technology and capacity-building to support the implementation of adaptation action in developing countries.”
The text mentions the least developed countries, small island developing states and countries in Africa as particularly vulnerable and in need of help.
“Developed countries set a goal of mobilising jointly $100bn a year by 2020 to address the needs of developing countries. The funds will come from a wide variety of sources, public and private, bilateral and multilateral.”
An annex carries the following short-term financing pledges from developed countries for 2010-2012:
European Union – $10.6bn
Japan – $11bn
United States – $3.6bn
The accord “recognises the importance of reducing emission from deforestation and forest degradation and the need to enhance removals or greenhouse gas emission by forests”, and agrees to provide “positive incentives” to fund such action with financial resources from the developed world.
Mentioned, but not in detail.
The accord says: “We decide to pursue various approaches, including opportunities to use markets to enhance the cost-effectiveness of and to promote mitigations actions.”
A sticking point for a more comprehensive and binding deal, largely because China refused to accept international controls, the section on monitoring of developing nation pledges is one of the longest in the accord.
It says emerging economies must monitor their efforts and report the results to the United Nations every two years, with some international checks to meet transparency concerns but “to ensure that national sovereignty is respected”.