There is some money that is to collected to bribe/fund developing countries. going from $10 billion per year 2010-2012 and rising to $100 billion per year in 2020. There is some technology transfer and some kind of reporting on progress every two years and what look like non-binding statements to reduce emissions. The actual emission targets look like they still need to be filled in.
The collective commitment by developed countries is to provide new and additional resources amounting to 30 billion dollars for the period 2010 – 2012 as listed in appendix with balanced allocation between adaptation and mitigation, including forestry. Funding for adaptation will be prioritized for the most vulnerable developing countries, such as the least developed countries, small island developing states and countries in Africa affected by drought, desertification and floods. In the context of meaningful mitigation actions and transparency on implementation, developed countries support a goal of mobilizing jointly 100 billion dollars a year by 2020 to address the needs of developing countries. This funding will come from a wide variety of sources, public and private, bilateral and multilateral, including altemative sources of finance. New multilateral funding for adaptation will be delivered through effective and efficient fund arrangements, with a governance structure providing for equal representation of developed and developing countries.
In order to enhance action on development and transfer of technology we decide to establish a Technology Mechanism as set forth in decision -/CP.l5 to accelerate technology development and transfer in support of action on adaptation and mitigation that will be guided by a country-driven approach and be based on national circumstances and priorities.
Annex I Parties to the Convention commit to reducing their emissions individually or jointly by at least 80 per cent by 2050. They also commit to implement individually or jointly the quantified economy-wide emissions targets for 2020 as listed in appendix l, yielding in aggregate reductions of greenhouse gas emissions of X per cent in 2020 compared to 1990 and Y per cent in 2020 compared to 2005. Annex I Parties that are Party to the Kyoto Protocol will thereby further strengthen the emissions reductions initiated by the Kyoto Protocol. Delivery of reductions and financing by developed countries will be measured, reported and verified in accordance with existing and any further guidelines adopted by the Conference of Parties, and will ensure that accounting of such targets and finance is rigorous, robust and transparent.
* all references to 1.5C in previous versions were removed (no promises to hold global temperature to 1.5C increase)
* the earlier 2050 goal of reducing global emissions by 80% was also dropped.
* a political agreement but without legally binding targets
BBC News: President Obama said the US, China, Brazil, India and South Africa had “agreed to set a mitigation target to limit warming to no more than 2C and, importantly, to take action to meet this objective.
President Obama said: “We are confident that we are moving in the direction of a significant accord.”
Sen. John Kerry, D-Mass., warned about that possibility two days ago when he first arrived in Copenhagen, saying that without a solid deal it would be “exceedingly difficult” to persuade fence-sitting lawmakers to get on board with the kind of emissions-curbing legislation that passed the House months ago.
A compromise climate and energy bill drafted by a trio of U.S. senators will emphasize investment in clean energy, expanded offshore drilling and nuclear power as well as a greenhouse gas emissions cut of 17 percent below 2005 levels by 2020.
The encouragement of nuclear power and expanded domestic oil and gas production are clearly aimed at garnering at least some Republican support. But the framework does not provide details, including the scope and location of “expanded drilling” in the U.S. and the amount of federal loan guarantees that might be available for nuclear power plants.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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