Pic Courtesy: The Guardian
The U.N. Copenhagen climate talks were in disarray on Tuesday after developing countries reacted furiously to leaked documents that show world leaders will next week be asked
• To sign an agreement that hands more power to rich countries and sidelines the U.N.’s role in all future climate change negotiations.
• The document also sets unequal limits on per capita carbon emissions for developed and developing countries in 2050; meaning people in rich countries would be permitted to emit nearly twice as much under the proposals.
• The so-called Danish text, a secret draft agreement worked on by a group of individuals known as “the circle of commitment” — but understood to include the U.K., U.S. and Denmark — has only been shown to a handful of countries since it was finalised this week.
• The agreement, leaked to the Guardian, is a departure from the Kyoto protocol’s principle that rich nations, which have emitted the bulk of the CO{-2}, should take on firm and binding commitments to reduce greenhouse gases, while poorer nations were not compelled to act.
• The draft hands effective control of climate change finance to the World Bank; would abandon the Kyoto protocol — the only legally binding treaty that the world has on emissions reductions; and would make any money to help poor countries adapt to climate change dependent on them taking a range of actions.
• The Kyoto Protocol, adopted in Kyoto in 1997, sets legally binding targets for developed countries to reduce emissions - a major feature of the pact. These amount to cuts of an average 5 per cent below the 1990 levels by 2012.
• Prior to the Kyoto Protocol, the United Nation Framework Convention on Climate Change was adopted in Rio de Janeiro in 1992, but no mandatory limits on emissions were set.
Innovation in financing the climate mitigation efforts
• idea by George Soros.
• The proposal is to tap into the vast hidden reserves of cash that lie ready to keep rich nations’ economies afloat in time of crisis. The cash is in the notional form of special drawing rights (SDRs), also known as “paper gold”, issued by the IMF. SDRs do not incur interest unless the money is released into circulation. Mr Soros pointed out that the rich countries did not use it even during the recent financial crisis.
• He has asked that the developed countries hand their $150 billion of SDRs to developing countries for immediate use to combat climate change. As soon as the cash is released, it will incur interest from the IMF—currently at around 0.5%. But this should be paid by the IMF gold reserve, which is currently worth more than $100 billion. That would ensure that developing countries are not saddled by debt payments. Mr Soros said the developing countries could make money from their low-carbon investments from the SDR fund by selling carbon credits on the carbon markets.
Funds for climate study promised
• The Planning Commission has promised a substantial hike in funds allocation to study climate change impact and the funds will be made available after the Kasturirangan Committee submits a report.
BASIC draft not hopeful of Copenhagen pact
• The group of four emerging economies, Brazil, South Africa, India and China, have set June 2010 as the next date by when a consensus could be arrived at.
• The BASIC draft prepared and submitted by China to be considered during the high-profile negotiations, clearly points out that the Ad Hoc Working Group on Long Term Cooperative Action shall without any delay hold further sessions, in order to complete the work specified in the “present decision” (Copenhagen outcome) and the Bali Action Plan.
• The Working Group shall complete its work by June 2010 and present the outcome of its work to the Conference of the Parties (COP) for “adoption at the resumed session of its 15th session,” the draft says. The Working Group had emanated from the Bali Action Plan and is entrusted with the actual negotiations.
• The document also sets unequal limits on per capita carbon emissions for developed and developing countries in 2050; meaning people in rich countries would be permitted to emit nearly twice as much under the proposals.
• The so-called Danish text, a secret draft agreement worked on by a group of individuals known as “the circle of commitment” — but understood to include the U.K., U.S. and Denmark — has only been shown to a handful of countries since it was finalised this week.
• The agreement, leaked to the Guardian, is a departure from the Kyoto protocol’s principle that rich nations, which have emitted the bulk of the CO{-2}, should take on firm and binding commitments to reduce greenhouse gases, while poorer nations were not compelled to act.
• The draft hands effective control of climate change finance to the World Bank; would abandon the Kyoto protocol — the only legally binding treaty that the world has on emissions reductions; and would make any money to help poor countries adapt to climate change dependent on them taking a range of actions.
• The Kyoto Protocol, adopted in Kyoto in 1997, sets legally binding targets for developed countries to reduce emissions - a major feature of the pact. These amount to cuts of an average 5 per cent below the 1990 levels by 2012.
• Prior to the Kyoto Protocol, the United Nation Framework Convention on Climate Change was adopted in Rio de Janeiro in 1992, but no mandatory limits on emissions were set.
Innovation in financing the climate mitigation efforts
• idea by George Soros.
• The proposal is to tap into the vast hidden reserves of cash that lie ready to keep rich nations’ economies afloat in time of crisis. The cash is in the notional form of special drawing rights (SDRs), also known as “paper gold”, issued by the IMF. SDRs do not incur interest unless the money is released into circulation. Mr Soros pointed out that the rich countries did not use it even during the recent financial crisis.
• He has asked that the developed countries hand their $150 billion of SDRs to developing countries for immediate use to combat climate change. As soon as the cash is released, it will incur interest from the IMF—currently at around 0.5%. But this should be paid by the IMF gold reserve, which is currently worth more than $100 billion. That would ensure that developing countries are not saddled by debt payments. Mr Soros said the developing countries could make money from their low-carbon investments from the SDR fund by selling carbon credits on the carbon markets.
Funds for climate study promised
• The Planning Commission has promised a substantial hike in funds allocation to study climate change impact and the funds will be made available after the Kasturirangan Committee submits a report.
BASIC draft not hopeful of Copenhagen pact
• The group of four emerging economies, Brazil, South Africa, India and China, have set June 2010 as the next date by when a consensus could be arrived at.
• The BASIC draft prepared and submitted by China to be considered during the high-profile negotiations, clearly points out that the Ad Hoc Working Group on Long Term Cooperative Action shall without any delay hold further sessions, in order to complete the work specified in the “present decision” (Copenhagen outcome) and the Bali Action Plan.
• The Working Group shall complete its work by June 2010 and present the outcome of its work to the Conference of the Parties (COP) for “adoption at the resumed session of its 15th session,” the draft says. The Working Group had emanated from the Bali Action Plan and is entrusted with the actual negotiations.
