The Copenhagen Accord
Compared to pre-summit ambitions, the Accord is a weak agreement which did not meet the key expectation to increase global ambitions to reduce greenhouse gas emissions.
Its lack of detail will require further negotiations to become effective and maintains uncertainty for business. However, it should consolidate the pre-Copenhagen emissions reduction pledges by individual nations and maintain some momentum on efforts to tackle climate change.
The Copenhagen Accord does contain some important commitments for international climate change efforts including:
- The goal to limit climate change to 2C;
- A new and additional funding commitment for developing nations of up $30bn to 2012 and $100bn annually by 2020 to be overseen by a Global Climate Fund;
- Binding actions on both developed and developing nations; agreement on international monitoring, reporting and verification of some actions;
- And the establishment of new international technology collaboration and forestry mechanisms.
- Perhaps most importantly, this represents the first agreement involving all major nations including the US and China since 1997.
Download our guide to read the full Perspective on Copenhagen (PDF)