COPENHAGEN: The hectic final day of the UN Climate Change Conference (COP15) went from hectic, to confusing, to desperate, to hopeful. All in less than 24 hours. But the day is far from over, and a deal is not yet in our grasp. The much awaited Barack Obama presence was a total letdown. As soon as he walked on stage, the noisy bustling media center went completely silent. Everyone was waiting for the man taunted as the savior of the COP15 meeting to save it. But what ensued was a few minutes long speech that had absolutely nothing new in it. This was followed by similar lackluster speeches from Wen Jiabao, the Chinese prime minister, and the EU. Many felt this was the end for COP15. With nothing new offered, it seemed COP15 was doomed to a very miserable failure, amidst the largest gathering of world leaders ever. However, a new draft has been making the rounds. The document was leaked and Bikya Masr obtained a version. The document was formulated through 25 leaders of states, representing all the different regions and groups. While the last three pages of the document are made up of appendices that should document the target reductions of all countries, these are still completely empty. In fact, the targets for total reductions by the year 2020 have not been added yet. The target does, however, outline plans for short-term financial aid for the developing world. This comes in the range of US$10 billion annually between 2010 and 2012. It also follows on US Secretary of State Hilary Clinton’s pledge to supply developing countries with US$100 billion by 2020 for projects involving adaptation and mitigation. This is, however, tied to guarantees to the donors of transparency and measurement methods. However, how this money will be raised is quite vague. It should be a mixture of private and public money, as well as “alternative sources of finance.†The document also outlines clear systems for reducing emissions from degradation and deforestation (REDD) as well as a section on technology transfer. The finances should be handled through a newly created Copenhagen Climate Fund that is monitored through the COP. This will be responsible for supply the funds to different projects and activities of REDD, technology development, capacity-building, and adaptation. Word is that, while no country is completely happy with the text, it will pass through as the strongest possible outcome at this stage. The text is the last option to get something to vote on. It will be presented to the state leaders and, if agreed unanimously, will become the Copenhagen Accord. If no agreement comes out, however, then it will mark COP15 a total failure, and talks will be moved back to COP16, taking place in Mexico. That would be a monumental failure indeed. BM
